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Greektown short on revenue

DETROIT, Michigan – As reported by the Detroit News: "The Michigan Gaming Control Board on Tuesday rejected Greektown Casino's request for another year to meet revenue projections, which are likely to fall short because of delays in the construction of its new $200 million facility.

"The construction delays are hindering Greektown's ability to meet revenue goals, which were outlined as part of the gaming board's approval of a finance package for the new casino project. That agreement requires the casino to meet certain earnings-to-debt ratios each year.

"The casino could be about $23 million short when the deadline hits in 2009, and the owner, the Sault Ste. Marie tribe of the Chippewa Indians, proposed setting up a $23 million line of credit to secure a 12-month extension…"

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