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Board Fines Michigan's Greektown Casino $425,000

13 February 2002

MICHIGAN -- As reported by the Detroit Free Press: ``The Michigan Gaming Control board issued its stiffest fine ever Tuesday to the Greektown Casino and its management company for business deals the board said were improper.

``The board approved a $425,000 fine against the casino and Millennium Management for failing to have written contracts, failing to use competitive bids and for their dealings with former shareholders Ted Gatzaros, James Papas and their wives.

``The two couples, through their firm 400 Monroe Associates, own Pegasus and Fishbone's restaurants and the Atheneum hotel, where the casino had been sending gamblers for complimentary rooms and meals until last August.

``Michael Atkins, attorney for the casino and Millennium Management, said the casino did not knowingly violate any rules and now believes it is in compliance.

``...The casino will pay $300,000 plus $25,000 in investigative costs, and Millennium will pay $100,000.

``...The fine also covers related violations of state gaming rules involving the casino's rewards program for gamblers..."

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