The Sault Ste. Marie Tribe of Chippewa Indians won approval from theMichigan Gaming Control
Board to restructure the debt at its commercial casino in Detroit.
The tribe has secured a $51.3 million loan to complete work on a permanent home for the Greektown Casino.
With $13.5 million in bankruptcy restructuring costs on the line, the casino will lose $15.9 million this year, a financial adviser said.
The tribe filed for Chapter 11 bankruptcy protection to prevent a force sale of Greektown, one of three commercial casinos in Detroit.
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Greektown projects $15.9M loss in '08
(The Detroit News 6/6)
Casino could report losses for '08 (The Detroit Free Press 6/6)