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Barden Not Happy with 1% Stake

14 September 2005

DETROIT, Michigan – As reported by the Detroit Free Press: "Don H. Barden finally owns a piece of Detroit's $1.18-billion casino market, eight years after being rebuffed in his bid for one of three original casino licenses.

"But Barden is not happy with having a 1% stake in the Greektown Casino and wants to buy out the majority owner -- the Sault Ste. Marie Tribe of Chippewa Indians -- and build a hotel and new casino that he said would make it more competitive with Detroit's two other casinos.

"If he is not successful in buying a majority share, Barden said he may sell his small share.

"The Michigan Gaming Control Board tentatively approved Barden's purchase of a 1% share in the casino on Tuesday. Barden did not disclose the amount. The board's policy is to not divulge the amount.

"…While Barden said 'I'm delighted that I was approved by the gaming commission,' he was less excited about Greektown's plan announced Monday to stay in its temporary casino location.

"Barden said he thinks the plan may keep the city's smallest casino saddled with last place…"

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