Michigan Board Approves Greektown Financing

DETROIT, Michigan – (PRESS RELEASE) -- The Michigan Gaming Control Board (MGCB) tonight approved a $200-million financing package for the development of Greektown Casino's permanent hotel-casino resort.

Construction of the permanent Greektown Casino resort, which will include a 400-room hotel and 3,500-space attached parking garage, is scheduled to begin in February 2006, pending final property acquisitions and zoning approvals from the City of Detroit. The project will also include a major expansion of Greektown Casino's gaming space from 75,000 square feet to 100,000 square feet.

The casino-resort will be located in Greektown, Detroit's most popular entertainment district. Once the development is complete, total investment in the project will be about $475 million -- $275 million already invested in the current casino and $200 million more to construct the hotel, parking garage, spa, 1,500-seat theater, convention space, and other amenities.

"The permanent Greektown Casino resort will attract thousands of visitors to Detroit every day, create more jobs and generate more economic benefits for our Tribe, the City of Detroit, and the state," said Aaron Payment, chairperson of the Sault Ste. Marie Tribe of Chippewa Indians, majority owners of the casino. "We are anxious to break ground as soon as the Super Bowl festivities have ended in early February so we can maximize our economic contributions to our members, our casino guests, and the City of Detroit."

Located at 555 E. Lafayette Avenue in Detroit's Greektown Entertainment District, Greektown Casino features nearly 2,400 slot machines and 101 table games in 75,000 square feet of luxurious Mediterranean-themed gaming space.

Greektown Casino continues to set the gaming standard in Michigan and remains the industry's leader in implementing technology to improve guest service. Greektown is home to the city's first and largest live poker room, and was the first Detroit casino to implement coinless slot machines and Ticket-in, Ticket-out redemption stations -- keeping the casino on the cutting edge of gaming entertainment and customer service technologies.

Greektown Casino opened on Nov. 10, 2000. For five consecutive years, readers of The Detroit News have voted Greektown Casino Michigan's "Best Casino." Detroit Free Press readers have also consistently named Greektown as the city's "Best Casino."

In addition to being named "Best Casino," Greektown Casino also placed first in other categories in The News' reader survey, including "Best Slots," "Best Wait Staff Outfits," "Best Craps Tables," "Best Blackjack Tables," "Best High Rollers Area," "Best Casino Restaurant," and "Best Casino Entertainment."