Detroit News - Page 13

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Detroit casinos see profit surge

11 March 2009

News brief: The three casinos in the Detroit market saw February revenues increase by more than 9% from January.

No slots for Michigan race tracks

26 February 2009

News brief: A federal judge rejected a bid by Michigan horse tracks to overturn an initiative that prevents the tracks from installing slot machines.

Judge allows Detroit casino to borrow needed cash

5 February 2009

News brief: A U.S. Bankruptcy judge ruled that Greektown Casino can borrow the money it needs to complete its new 400-room hotel.

Detroit casino says it needs $46 million

2 February 2009

News brief: Greektown Casino might halt operations unless it is able to borrow $46 million to stay open and finish a 400-room hotel.

Revenue drops at three Detroit casinos

13 January 2009

News brief: December revenue at Greektown, MotorCity Casino and MGM Grand all dropped but yearly revenues were up by 1.84%.

Greektown seeks new owner

9 October 2008

News brief: Greektown Casino has hired an investment bank to seek buyers for the casino, which a consultant said is the preferred option for the casino's exit from Chapter 11.

Creditors object to Greektown deal

15 August 2008

News Brief: Greektown Casino, which is in bankruptcy reorganization, shouldn't get an exclusive right until June 1 to file a turnaround plan, a group of creditors and a U.S. government representative told a judge.

Greektown on track

13 August 2008

News Brief: Greektown Casino is on track to complete construction of its new hotel-casino-resort complex in time to meet deadlines imposed by creditors as part of its agreement to exit bankruptcy.

Greektown reports layoffs

1 August 2008

News Brief: Greektown Casino majority owner, the Sault Ste. Marie Tribe of Chippewa Indians, is laying off 2% of its 2,000-member workforce as the tribe struggles with a $15-million deficit.

Greektown construction reaches milestone

30 July 2008

News Brief: On Wednesday Greektown Casino will mark the final pour of concrete to its new 30-story, 400-room hotel currently under construction.

Casino workers can't beat system

14 July 2008

News Brief: Some employees of Detroit's three casinos think they can beat the system that's in place to protect their workplace against cheats and thieves.

Michigan board won't force Greektown sale

11 June 2008

News Brief: Michigan gaming regulators today allowed Greektown Casino to continue executing a business reorganization plan aimed at improving the financial health of the casino during Chapter 11 bankruptcy protection.

Greektown expected to lose $15.9 million

6 June 2008

News Brief: Greektown Casino is expected to lose $15.9 million this year as its bottom line absorbs $13.5 million in bankruptcy restructuring costs and $51 million in loan interest payments, according to the casino's financial adviser.

Greektown emergency financing approved

5 June 2008

News Brief: Michigan Gaming Control Board members today will get their chance to weigh in on $51.3 million in emergency financing for Greektown Casino that won approval of a U.S. bankruptcy judge.

MotorCity selects KoolConnect system

4 June 2008

KoolConnect Technologies Inc. reports that its world-renowned Intrigue System is currently in operation at MotorCity Casino Hotel in Detroit.

Tribal chairman responds to Greektown bankruptcy

3 June 2008

News Brief: Chairman Aaron Payment of the Sault Tribe of Chippewa Indians provided reaction to the news Friday that Greektown Casino has filed for Chapter 11 bankruptcy.

Greektown Casino falls into Chapter 11 bankruptcy

30 May 2008

News Brief: Greektown Casino has asked a federal court for approval to reorganize its finances and continue business operations under the protection of Chapter 11 of the U.S. Bankruptcy Code, the Sault Ste. Marie Tribe of Chippewa Indians announced today.

Greektown given June 10th deadline

14 May 2008

News Brief: Greektown Casino was told it has until June 10 to come up with a convincing argument why the Michigan Gaming Control Board should not force casino owners to sell the gaming hall.

Greektown finds buyers

7 May 2008

News Brief: A racetrack owner and bank founder and four local real estate investors have teamed up to buy a 40% stake in the cash-strapped Greektown Casino.

MGM Grand in Detroit sees March revenues rise

11 April 2008

New Brief: Revenue for all three Detroit casinos for the month of March was up .02% compared with the same month last year, led by the MGM Grand Detroit, which reported $50.2 million in revenues in March.

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