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Greektown owners face forced sale8 April 2008DETROIT, Michigan -- As reported by the Detroit Free Press: "The owners of Greektown Casino LLC could be forced to sell unless state regulators today approve a request for leniency in meeting financing requirements. "It's the second sign in less than a week that Detroit's gambling operations are not bulletproof. Last week, the MGM Grand Detroit, which has consistently led the competition in revenues, said it laid off fewer than 100 workers and reduced hours of some restaurants and lounges. "The move also comes amid concerns from credit-rating agencies that Greektown might not be able to keep up with its rivals -- MGM and the MotorCity Casino. "MGM Grand Detroit opened its permanent facility in October, and MotorCity is mostly done. Greektown projects it will open its permanent facilities in early 2009. "Greektown Casino owners plan to ask members of the gaming control board for more time to meet the terms of its debt plan for the construction of its permanent casino..." |