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$1 Billion offered for Greektown Casino

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April 10, 2008

SAULT STE. MARIE - The MJK Clinton LLC of Clinton Township, Michigan is offering $1 billion to the Sault St. Marie Tribe of Chippewa Indians for their Greektown Casino property. In a statement issued by MJK Clinton, the tribe would receive an initial payment of $800 million followed later by a final payment of $200 million.

The statement said the tribe received another offer in February for a 22% share of the Greektown Casino, but that offer has since been withdrawn.
It continued "We value the casino at $1 billion, two and a half times greater than the previous offer the tribe had. More importantly, we will pay the tribe $800 million in cash upon closing. This will truly be a windfall for the members of the Sault Tribe."

The Evening News reported it was unable to verify whether the LLC has the financial stature to support its offer. It also reported attempts to contact Sault Tribe Chairman Aaron Payment were unsuccessful.

However, the internet blog of tribal Board Member Robert LaPoint claims there is an "interested party" offering $800 million for the Greektown casino plus 10% of its revenues for an "indefinite period."

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