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Greektown Cuts Budget

DETROIT – As reported by the Detroit Free Press: "Greektown Casino will ask state gaming regulators to approve a $635-million financing package next month that would include $200 million for a permanent casino, about half of what it said last year it would spend to build a glittering gambling complex near Ford Field.

"The finance package, discussed Tuesday at the Michigan Gaming Control Board meeting, also would absorb old debt and go to pay off some local investors.

"…While board members echoed some city leaders in questioning the pace of Greektown's progress toward a permanent casino, the casino's representatives were reassuring yet vague.

"Greektown attorney John Pirich of Lansing told the board that its overall plans for the permanent casino have not been finalized because the casino is still negotiating with property owners at the seven-acre site at I-375 and Gratiot Avenue…"

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