Gaming Board OKs Greektown Sale

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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 This material may not be published, broadcast, rewritten or redistributed.

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