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The Greektown Casino is for sale

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October 09, 2008

As of October 31 the current Greektown Casino CEO, Craig Ghelfi, is going to retire. The announcement came last week at the state Gaming Control Board's monthly meeting.

Currently the casino is in chapter 11 and actively seeking a new buyer. The board of directors are facing a restructure. They will be reduced from twelve members to five. The names of the new members will be released in the next few weeks.

The Greektown Casino is also set to open its new hotel in February of next year. Casino analysts believe waiting until after the hotel opens may receive a higher selling price. If investors look at the property now, they will be unsure how well the hotel will do after it opens. Thus fetching a lower sell price.

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