"Our grand opening is set for Nov. 10, pending final approval ofour license," said Roger Martin, a spokesman for the casino. TheMGCB will decide on the license in November, before the openingdate. Martin said everyone believes the license will be given.

The investors are showing off their temporary facility. Allthree casinos that have built in Downtown Detroit, the MGM GrandDetroit and the MotorCity Casino and the Greektown, are consideredtemporary facilities. Both of the other casinos are open andoperating.All three are planning to build larger facilities,complete with five-star hotels and restaurants, along theriverfront at a cost of more than $1.5 billion. However, the cityis still locked in litigation to acquire and condemn property alongthe proposed sites.

The MGCB formerly allowed two families to sell their off thecasino shares.Ted and Maria Gatzaros and Jim and Viola Papas soldtheir 40 percent interest in Greektown Casino LLC to the Sault Ste.Marie Tribe of Chippewa Indians for $275 million.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.