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Greektown finds buyers7 May 2008DETROIT, Michigan – As reported by the Detroit Free Press: "A racetrack owner and bank founder and four local real estate investors have teamed up to buy a 40% stake in the cash-strapped Greektown Casino. "The Bloomfield Hills company Entertainment Interests Group LLC signed a purchase agreement to buy the stake in the Detroit casino for $100 million Friday and announced the deal Tuesday. "Company principals include Republic Bancorp founder and former chairman and CEO Jerry Campbell, and local businessmen and investors Robert and Gregg Orley, Jon Weaver and Lawrence Lax. "…The Sault Ste. Marie Tribe remains majority owner of the casino, which is building a 400-room hotel and completing a 25,000-square-foot expansion of the gaming floor. "The transaction will go to the Michigan Gaming Control Board for consideration Tuesday. Entertainment Interests Group will also have to be licensed by the board, which regulates Detroit's casinos. "…Sault Tribe Chairman Aaron Payment said in a statement Tuesday that Entertainment Interests Group's investment would improve Greektown Casino's competitive position in Detroit's gambling market…" |