Property Types Hospitality
Gaming Board May Force Casino Sale
May 14, 2008
Source: Crain's Detroit Business

A Michigan gaming board will meet June 10 to decide whether to order a forced sale of a casino that has not been hitting its financial marks. The Michigan Gaming Control Board will consider the sale of Greektown Casino, which is currently working on a deal to sell a 40 percent chunk to Entertainment Interest Group.

The board's executive director told Crain's Detroit Business that the casino is in violation of a board-ordered covenant to keep their debt ratio at a prescribed level. If this covenant is not followed, the board can sell the casino.

Read full story here.

 
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