Greektown Revenues Improving

From the Detroit News via Pechanga:

Detroit — Greektown Casino-Hotel, the city’s smallest casino, reported a 21-percent increase in its November revenue over the same month in 2008.

Greektown took in $28.44 million last month compared to $23.51 million a year earlier.

Overall, gaming revenues were up just slightly in November, 0.6 percent, compared to the same month last year, according to numbers released by the Michigan Gaming Control Board.

MGM Grand Detroit and MotorCity casinos reported respective year-over-year declines of 7.8 percent and 1.8 percent during the same time period.

The results were announced at Tuesday’s meeting of the state gaming board, which also approved a refinancing deal for Greektown that will allow the bankrupt gambling hall to get a better interest rate on the debtor-in-possession bankruptcy loan that’s been fueling its operations since May 2008.

Because of the worldwide credit crunch, the casino ended up paying millions in interest to secure the loans. A revised agreement approved by the board Tuesday, will help relieve some of that cost.

“The deal put forward has much more favorable terms,” said Charles Moore, a restructuring advisor with Birmingham-based Conway MacKenzie Inc., a firm working on the Greektown case.

The deal will provide two branches of credit: a $190 million term facility, which will be used to pay off the original debtor-in-possession financing, and a $20 million delay-draw facility, which Moore said likely won’t be needed.