Indian Gaming > Bankruptcy judge approves loan for Soo Tribe casino

June 5, 2008

Bankruptcy judge approves loan for Soo Tribe casino

The Sault Ste. Marie Tribe of Chippewa Indians of Michigan is moving to address the financial state of its commercial casino in Detroit.

The tribe filed for Chapter 11 bankruptcy protection last week to get the Greektown Casino in order. A bankruptcy judge on Wednesday approved a $51.3 million to complete work a permanent facility.

Most of the loan will be used to pay off contractors who are still owed money for work on the casino. The entire project is costing the tribe $332 million, up from an original estimate of $225 million, The Detroit News reported.

The Michigan Gaming Control Board is expected to decide on the loan package today.

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Greektown's cash quest approved (The Detroit News 6/5)