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Detroit casino files for bankruptcy
Saturday, May 31, 2008 at 10:10:30 PM
Detroit's Greektown Casino has effectively blocked its forced sale by the Michigan Gaming Control Board by filing for bankruptcy reorganization, officials said.
Casino officials from the Sault Ste. Marie Tribe of Chippewa Indians said the legal move blocks the gaming board's intentions to force a sale next month. The bankruptcy filing buys time for Greektown to continue operations and refinance loans needed to finish an expansion, including a 400-room hotel, the Detroit Free Press reported Saturday.
"As we reorganize our business and complete our permanent casino construction with additional financing, the goal is a bigger and more viable Greektown Casino," said Tom Miller, chairman of the casino's management board. "As we work through the reorganization process, the casino will continue to operate normally for all guests, player's club members, employees, vendors, suppliers and contractors."
Gaming board Executive Director Rick Kalm said in a statement there would be no immediate changes at the casino.
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