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Greektown fighting a losing battle

6 April 2009

DETROIT, Michigan -- As reported by the Detroit Free Press: "Almost every day, gamblers spend close to $1 million on the slots, tables and wheels of chance at Greektown Casino.

"But it hasn't been enough.

"The casino, tucked in Detroit's popular entertainment district, has amassed $777 million in debt and is in bankruptcy.

"What happened at Greektown? Gaming insiders say it was a combination of events and some bad luck -- but like many big companies these days, a winning product was taken down by a mountain of debt.

"...Casino experts say that was complicated by the difficulties of being owned by a tribal government slow to make decisions, unaccustomed to debt in its casino businesses and roiled by politics and leadership changes -- and Greektown was on a train straight to a financial meltdown..."

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