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Detroit Casinos Agree to $60 Million Settlement3 April 2003DETROIT, Michigan – As reported by the Detroit News: "Detroit's three casinos have agreed to pay the city of Detroit up to $60 million to cover liabilities arising from lawsuits over the city's unconstitutional casino selection process and its bungled effort to acquire riverfront land for a gambling district. "MGM Mirage, owner of MGM Grand Detroit Casino, will compensate the city up to $20 million to cover future costs in the two legal morasses, company documents show. MotorCity and Greektown casinos have struck similar deals. "…The $60 million is in addition to several payments that each casino agreed to make last summer under revised development agreements with the city over more lavish gambling halls. "…The $60 million liability cap -- $20 million apiece -- was negotiated last summer as a side agreement to the development pact. The terms came to light last week in MGM financial documents…" |