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Detroit's MGM Casino Deal Still Not Ready2 April 2002DETROIT, Michigan –As reported by the Detroit News: "Development agreements for two of the city's three casinos were delivered Monday to members of the City Council, partially meeting Mayor Kwame Kilpatrick's pledge that the group would have them at the start of the week. "The agreements give terms for permanent casinos with 400-room hotels for Greektown and MotorCity casinos. "A third agreement, reached with MGM Grand Detroit, has not been delivered because the company still must find a location for its permanent site. "…But despite Kilpatrick's announcement last week that the council would get completed agreements, the 50-page packets members received Monday were unsigned. "That means no deal has been finalized with the casino developers, and the council is simply reviewing proposals. "…During last week's news conference on casinos, Kilpatrick and representatives of the three casinos signed term sheets that stipulate the loan forgiveness, property conveyance and number of hotel rooms…" |