Isle of Capri exiting Greektown

3 February 2010

By Howard Stutz

DETROIT, Michigan -- Isle of Capri Casinos announced Tuesday it was exiting a contract to operate the Greektown Casino in Detroit after a deal was reached for the property to emerge from bankruptcy.

St. Louis-based Isle of Capri signed an agreement in January to take over management of Greektown and provide "transitional" marketing and operational services.

However, a plan of reorganization was confirmed by the U.S. Bankruptcy Court on Jan. 22 that will let Greektown exit from Chapter 11 with new ownership and management.

"Moving forward, Isle of Capri remains committed to its belief that it can have a positive impact on existing properties and its own balance sheet by utilizing the extensive experience of its management team through management and consulting contracts in gaming markets across the United States," the company said in a statement.

Greektown's new management will include George Boyer, the former president and chief operating officer of MGM Grand Detroit.