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Greektown given June 10th deadline14 May 2008DETROIT, Michigan -- As reported by the Detroit News: "Just days after announcing a $100 million cash infusion from a new Metro Detroit investment group, Greektown Casino was told it has until June 10 to come up with a convincing argument why the Michigan Gaming Control Board should not force casino owners to sell the gaming hall. "The board's demands could threaten a deal announced last week by Entertainment Interests Group to invest some much-needed cash into Greektown. The group agreed to buy a 40 percent stake in the casino for $79 million, and invest another $21 million to pay off former minority investors. Sault Tribe of Chippewa would have a 60 percent stake in Greektown. "At the monthly meeting of the board Tuesday, Greektown officials requested that the board waive enforcement of requirements that the casino maintain a certain debt-to-earnings ratio. The casino hasn't met that requirement since November, and that failure allows the gaming board to force the casino's sale..." |