Greektown Casino has filed for Chapter 11 bankruptcy protection
May 30, 2008
The MGCB was notified today that the Greektown Casino filed for Chapter 11 protections. The casino operation will remain open and continue as normal.
The MGCB Executive Director Rick Kalm and Licensing Division staff met with the Greektown officials this morning to discuss the bankruptcy. After the meeting Rick Kalm stated,
" We have met with Greektown Management, their attorneys, and representative from their senior lender Merrill lynch and have been assured there will be no interruption of the casino gaming operation. We will continue to regulate the day-to-day operation as it pertains to the Michigan gaming control act and insure the daily tax returns are prepared and filed with the state of Michigan and subsequently to the city of Detroit. We will continue to monitor the operation with our presence on a 24/7 basis to maintain the integrity of gaming within the casino. In addition, we will maintain licensing authority over employees, vendors and suppliers."
The Greektown Casino "Show Cause" hearing order by the MGCB Board on May 13 remains scheduled for June 10. However, with the filing of bankruptcy by the casino, the format of the hearing may be changed.