About UPI  |  UPI en Español   |   My Account
Free News Update:
United Press International - News. Analysis. Insight.™ - 100 Years of Journalistic Excellence
  • Home
  • Top News
  • Entertainment
  • Odd News
  • Sports
    • Baseball
    • Football
    • Golf
    • Olympics 2008
    • Tennis
  • Business
  • Science
  • Health
  • Analysis
    • Energy Resources
    • Security Industry
    • Emerging Threats
  • Media
    • Video
    • News Photos
  • Features
    • The Voice of Young Voters
    • Path to the Presidency
    • Energy
    • Beijing Olympics 2008
Search:
Go
You are here:  Home / Top News / Detroit casino files for bankruptcy

Top News

View archive | RSS Feed

Detroit casino files for bankruptcy

Published: May 31, 2008 at 9:21 PM
Order reprints  |  Print Story  |  Email to a Friend  |  Post a Comment
DETROIT, May 31 (UPI) -- Detroit's Greektown Casino has effectively blocked its forced sale by the Michigan Gaming Control Board by filing for bankruptcy reorganization, officials said.

Casino officials from the Sault Ste. Marie Tribe of Chippewa Indians said the legal move blocks the gaming board's intentions to force a sale next month. The bankruptcy filing buys time for Greektown to continue operations and refinance loans needed to finish an expansion, including a 400-room hotel, the Detroit Free Press reported Saturday.

"As we reorganize our business and complete our permanent casino construction with additional financing, the goal is a bigger and more viable Greektown Casino," said Tom Miller, chairman of the casino's management board. "As we work through the reorganization process, the casino will continue to operate normally for all guests, player's club members, employees, vendors, suppliers and contractors."

Gaming board Executive Director Rick Kalm said in a statement there would be no immediate changes at the casino.

"We will continue to regulate the day-to-day operation as it pertains to the Michigan gaming control act and ensure the daily tax returns are prepared and filed with the state of Michigan and subsequently to the city of Detroit," said Kalm.

RATE THIS ARTICLE
    Poor    1    2    3    4    5  Excellent    
Feedback


© 2008 United Press International, Inc. All Rights Reserved.
Have an opinion? Leave a comment. No Registration Required.
News Photos Slideshows
Photos of the Day
Week in Photos
News
Entertainment
Sports
Features
Archives
Olympics 2008
Path to the Presidency
Additional News Stories
Top News
  • Stanford grieves grad students' deaths
  • Nana loses tropical storm status
  • Momentum builds for Taliban negotiations
  • Clintons stump with Biden for Obama
  • Judge allows laptops for Gitmo detainees
Business News
    Crude oil prices climb on financial news
    Crude oil prices climb on financial news
    NEW YORK, Oct. 13 (UPI) --
    Crude oil prices climbed on the New York Mercantile Exchange Monday as U.S. stock markets surged.
  • Pre-sale orders for Android phone take off
  • Boeing engineers discuss possible strike
  • Apple finds mobile phone pack on its tail
  • Morgan Stanley investment to be protected
Entertainment News
  • 'Paper Planes' singer M.I.A. pregnant
  • Ringo: No more fan mail, autographs
  • T.I. a little anxious about jail stay
  • Moore: I wanted to play villain, not 007
  • UPI NewsTrack Entertainment News
Health News
  • Pectin appears to cut cancer risk
  • 1 in 7 men have genetic risk of balding
  • Pediatricians up vitamin D recommendations
  • Statins may help avoid some miscarriages
  • Eating green helps planet and waistlines
UPI Features - The Voice of Young Voters
Most Popular
Stories
Photos
Videos
People
1.
Iran recasts report on U.S. jet
2.
Ukraine leader dissolves parliament
3.
40 hurt when Qantas plane forced to land
4.
FOX News poll: Obama leads McCain
5.
Pope canonized four as saints
Related Top News
Related Top News
  • A look at the 9 men in the O.J. Simpson case
  • O.J. Simpson lawyers seek new trial




Videos
Enlarge Video
Reaction: Does peace have a prize?
Reaction: Does peace have a prize?
Friday, October 10
From Wall Street to a Maryland Main Street
From Wall Street to a Maryland Main Street
Friday, October 10
Debate #2: The economy
Debate #2: The economy
Friday, October 10
Economics vs. foreign policy in the media
Economics vs. foreign policy in the media
Thursday, October 9
© 2008 United Press International, Inc. All Rights Reserved. Official Government Wires  |   About UPI  |   Site Map  |   Terms of Use  |   Privacy Policy  |   Advertise Online  |   Contact Us

Sponsored Links: Auto Dealers - College Football Tickets - Fundraisers - Press Release Services - prom dresses - Prom dresses and gowns - Public Records - Wedding and Honeymoon Experts - Motivational Sports Speakers Bureau