Agreement Will Expedite Opening of Greektown Casino

Terms of the transaction were submitted to the Michigan Gaming Control Board (MGCB) today. The Tribe and Monroe Partners expressed confidence that the agreement meets state requirements.

Under the agreement, the Tribe will purchase the Greektown Casino shares of Ted and Maria Gatzaros and Jim and Viola Papas, which will boost the Tribe's ownership from 50 percent to 90 percent. The sellers reserve the right to repurchase their interests in the future.

Approval of the agreement will start the process of bringing more than 2,000 team members onto Greektown Casino's payroll. To date, more than 1,060 prospective Greektown employees have received temporary occupational licenses from the state.

Monroe Partners and the Sault Tribe spearheaded efforts to bring casino gaming to Detroit in the early 1990s. They led campaigns to pass ballot questions in Detroit and statewide that legalized the city's three casinos, which will create thousands of good jobs, bring millions of visitors to Detroit and generate hundreds of millions of dollars in tax revenues for the city and state.

Greektown Casino is in the heart of Greektown, Detroit's fun-town neighborhood. A total entertainment destination, Greektown Casino will feature 2,500 slot machines and 96 table games in 75,000 square feet of luxurious Mediterranean-themed gaming space. Greektown Casino is conveniently located on Lafayette Street, a six-lane road that connects directly to I-75 one block from the casino's main entrance.

Northern Michigan's largest single employer, the Sault Tribe has operated five successful Kewadin Casino properties for 15 years.

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