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Greektown Casino construction will meet deadlines

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August 18, 2008

DETROIT - A financial consultant for Greektown Casino told the Michigan Gaming Control Board the casino is on schedule to complete construction of its new casino-hotel complex per terms of its bankruptcy protection. The expanded casino floor will debut August 29th and the hotel will near completion February 12th.

"Our purpose is to have a healthy, viable casino," said Charles Moore, the consultant. "We're well on our way to doing that."

Greektown filed for Chapter 11 bankruptcy May 29th when it could not make payments to contractors building the expansion and new hotel.

Greektown officials say they are still working on a deal to sell 40% ownership to Entertainment Interests Group, which is expected by the end of August. The deal would give Greektown $79 million for the equity share and another $21 million to pay off investors

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