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Greektown Casino announces record profits

11 August 2009

DETROIT, Michigan -- (PRESS RELEASE) -- For the third month in a row, Greektown Casino-Hotel posted record monthly profits and revenue, announced casino officials today. Projected EBITDAR (Earnings before Interest, Taxes, Depreciation, Amortization, and Restructuring Expenses) for July 2009 is $7.3 million -- the highest July on record for the property when taking into account the differing yearly tax rates.

Revenue for July was also up year-over-year by nearly 25 percent, the highest revenue result for July in the property's history and the third-straight month the property has set all-time revenue records. Finally, Greektown once again gained market share, capturing more than another full point of the Detroit market, and reaching 27.5 percent, up an astounding 5 points since January. Both competitors once again posted negative year-over-year results for revenue in a market that was down two tenths of a percent overall. Greektown's outstanding results were aided by the monthly all-time high of more than 600,000 patrons visiting the property.

"We are thrilled with our success in offering former Windsor gamblers a new home right here in Detroit," said Randall A. Fine, Managing Director of The Fine Point Group and Chief Executive Officer of Greektown. "With the help of all those bringing their Windsor offers to Greektown -- where we will double them -- we continue to surpass previous records in profit and revenue. We continue to gain market share and to accomplish things everyone believes are impossible in a down market and down economy. There is nothing that intelligent management, smart marketing and an outstanding Greektown team can't accomplish -- our numbers prove that month after month," Fine added.

Located at 555 E. Lafayette Boulevard in Detroit's Greektown Entertainment District, Greektown Casino-Hotel opened on Nov. 10, 2000. Readers of The Detroit News and Detroit Free Press have voted Greektown Casino-Hotel Michigan's and Detroit's "Best Casino" numerous times. Greektown Casino-Hotel offers such amenities as their all-new International Buffet, the Eclipz Lounge and a VIP lounge for players. In addition to being named "Best Casino" by readers of The News and Free Press, Greektown Casino-Hotel also placed first in other categories in The News' reader survey, including "Best Slots," "Best Wait Staff Outfits," "Best Craps Tables," "Best Blackjack Tables," "Best High Rollers Area," "Best Casino Restaurant," and "Best Casino Entertainment."

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