Gaming Board OKs Greektown Sale

casino dealer Gaming Board OKs Greektown SaleMichigan regulators have approved an ownership change that allows Detroit’s Greektown Casino to emerge from bankruptcy protection.

The Michigan Gaming Control Board voted 4-0 on Monday to transfer ownership from the Sault Ste. Marie Tribe of Chippewa Indians to two investors’ groups.

The casino entered Chapter 11 bankruptcy protection two years ago. A U.S. bankruptcy judge approved an exit plan in January.

The casino will be jointly owned by a public company Greektown Superholdings Inc. and the private group Greektown Newco Sub Inc. The Detroit News says the new owners have raised $200 million in equity by selling preferred stock.

© 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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