Greektown

Sault Tribe to Vote on Chairman/CEO Separation

Matthew L.M. Fletcher

From AIPBlog:

Tonight the Sault Ste. Marie Tribe of Chippewa Indians voted to have a referendum to change the Tribes Constitutional By-Laws and Separate the Chairman/CEO position into two distinct positions: one elected and one otherwise.

AIPBlog followers realize I have advocated this type of separation and cited several academic studies which indicate more positive outcomes from separating politics and business in Tribes. It is a pleasure as a member of the Sault Tribe to see some action in this direction.

Greektown Revenues Dropped During Final Four

Matthew L.M. Fletcher

What?!?! From Crain’s:

Despite having Detroit filled with basketball fans, the weekend of the Final Four produced a 5 percent drop in revenue for the Greektown Casino Hotel compared to the prior weekend.

Revenue meanwhile, increased by 12 percent at MGM Grand Detroit and 6 percent at MotorCity Casino Hotel.

The problem?

Too many people at the casino but not enough of them gambling, said Greektown CEO Randall Fine.

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Greektown Bankruptcy — New Financing Filings

Matthew L.M. Fletcher

Looks like they need $46 million more (news article).

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Soo Tribe Selling Greektown

Matthew L.M. Fletcher

From Indianz:


The Sault Ste. Marie Tribe of Chippewa Indians is trying to find a buyer for the troubled Greektown Casino in Detroit, Michigan.

The tribe owns a majority stake in the commercial facility, which is reorganizing in federal bankruptcy court. A sale is to take place by February 16, though the city is pressing for an earlier date. Greektown is the last of Detroit’s three casinos to put up a complete a required 400-room resort hotel, The Detroit News reported. The paper said a minority owner is interested in buying the casino, which has missed revenue projections and missed loan covenants as part of the bankruptcy proceedings.

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Financial Pressure on Sault Tribe re: Greektown

Matthew L.M. Fletcher

From Indianz:

The Sault Ste. Marie Tribe of Chippewa Indians is facing pressure to make sure its commercial casino in Detroit complies with state law.

The tribe has fallen behind on construction of a permanent Greektown Casino. Revenues have dropped and the facility’s debt-to-earnings ratio isn’t meeting state requirements. In hopes of resolving the issue, the tribe last week announced that it landed a $100 million investment. The tribe would retain 60 percent ownership of the casino. But the Michigan Gaming Control Board is questioning whether the deal will resolve the tribe’s financial concerns. The board gave the tribe until June 10 to defend its future.

Get the Story:
Greektown Casino financing questioned (The Detroit News 5/14)

Sault Tribe Finds Investors for Greektown

Matthew L.M. Fletcher

From the Detroit News (H/T Indianz):

Owners of the Greektown Casino may sidestep a potential state-ordered sale after a group of suburban businessmen announced Tuesday it will invest $100 million in the struggling downtown Detroit gambling operation.

The casino’s owners, Greektown Holdings LLC, already had missed an April deadline from the state to bring its financial performance up to required levels, and saw its debt downgraded in April by two major rating agencies over fears the state would force a sale by the end of June.

Now, Bloomfield Hills-based Entertainment Interests Group LLC, says it will buy a 40 percent stake in Greektown.

The deal needs approval by the Michigan Gaming Control Board.

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