The casino is one of three in the Downtown. Greektown, Motor City and MGM Detroit were originally going to build large permanent structures along the Detroit River, when the plan was unveiled about a decade ago. However, property owners fought taking of their land for the projects, and the three operating groups signed an agreement to build three temporary facilities in the city, and promised to build permanent casinos, each with 400-room hotels. Motor City and MGM have finished their permanent sites, but Greektown has lagged behind, and this month faced closure for not making contractor payments or meeting loan requirements.However, the casino remains open, and the loan will help the company pay its construction manager and subcontractors. "When we'll emerge from bankruptcy, no one knows," the spokesman tells GlobeSt.com Wednesday. "But we're still a healthy company, and now much healthier with the approval of the financing, which will enable us to complete construction. We can now pay the bills for March, April and May, and keep the workers, especially the subs, on the job." He says the plan is to have the 25,000-sf expansion of the current gaming floor completed by this fall, and the hotel completed by the first quarter of 2009.
Greektown reportedly needs about $100 million more to be somewhat solvent, but this infusion will keep the business going. A hearing is supposed to be held later in court to approve the rest. The spokesman confirmed the casino group is also looking to sell a 40% stake in the casino to Entertainment Interest Group Inc., based in Bloomfield Hills, that includes local businessman Jerry Campbell, who's also building a horseracing track in the Downriver area.
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