Businessman Vies for Greektown

Bloomfield Hills businessman Tom Celani said Thursday he will offer to buy the bankrupt Greektown Casino for $450 million.

Celani, one-time part owner of MotorCity Casino, told The Detroit News his lawyers would file the purchase plan with the bankruptcy court today.

He said he has partnered with Connecticut-based hedge fund Plainfield Asset Management to craft the deal. Plainfield has other gaming interests and licenses in Nevada, Colorado and New York. "We've been working over the last six months trying to get the banks to sit down and negotiate with us," Celani said. "It's been tough, but we think we can get this done."

He and his partners have quietly acquired about $10 million in Greektown debt over the past few months, to gain the right to file a plan with the bankruptcy court.

Bringing the casino out of bankruptcy, Celani said, would be the first step toward revitalizing the entire Greektown area of shops and restaurants. He wants the casino to take the lead in sprucing up surrounding businesses and buildings, and would spearhead an effort to mall off parts of Greektown and make it more pedestrian-friendly.

"We can make it even more of a destination than it is today," Celani said.

For the complete story, please see Nathan Hurst .Businessman to bid $450M for Greektown Casino, The Detroit News, July 31, 2009.