X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DETROIT-The Greektown Casino, the last of three temporary casinos recently built in Downtown Detroit, opened in the Greektown District at 10:00 p.m. Friday, Nov. 10. The facility cost more than $175 million.

The temporary facilities for the Motor City Casino and the MGM Grand have been open for a few months. The Greektown, owned by the Sault Ste. Marie Tribe of the Chippewa Indians, had to clear legal hurdles and accusations of fraud and financial problems with the Michigan Gaming Control Board.

The MBCB formerly allowed two families to sell their share of a group building a casino in Greektown in Downtown Detroit.

Ted and Maria Gatzaros and Jim and Viola Papas sold their 40% interest in Greektown Casino LLC to the Sault Ste. Marie Tribe of Chippewa Indians for $275 million.

The tribe now owns 90% of the casino. The other 10% is owned by eight-minority Detroit residents.

All three casino groups have plans by the year 2006 to build along the Detroit River three permanent casinos valued at over $2 billion. The city of Detroit is having trouble acquiring the land needed for the construction, however.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.