Greektown Superholdings, Inc. Reports First Quarter 2012 Financial Results

                                 Greektown Superholdings, Inc.                        Consolidated Statements of Operations (unaudited)                         (In thousands, except share and per share data)                                              Three Months Ended        Three Months Ended                                                 March 31,                 March 31,                                                 ---------                 ---------                                                             2012                      2011                                                             ----                      ----     Revenues     Casino                                               $95,368                   $88,303     Food and      beverage                                              6,420                     6,133     Hotel                                                  2,950                     2,653     Other                                                  1,337                     1,300                                                            -----                     -----     Gross revenues                                       106,075                    98,389     Less promotional      allowances                                           14,237                    12,912                                                           ------                    ------     Net revenues                                          91,838                    85,477      Operating expenses     Casino                                                21,241                    20,270     Gaming taxes                                          20,564                    19,076     Food and      beverage                                              4,759                     5,615     Hotel                                                  2,617                     2,439     Marketing,      advertising,      and      entertainment                                         1,334                     1,721     Facilities                                             5,269                     5,358     Depreciation and      amortization                                          8,632                    10,269     General and      administrative      expenses                                             12,340                    11,674     Other                                                    143                        80     Operating      expenses                                             76,899                    76,502                                                           ------                    ------     Income from      operations                                           14,939                     8,975      Other expenses     Interest expense                                     (12,653)                  (12,590)     Amortization of      finance fees                                         (1,838)                   (1,687)     Other income      (expense), net                                           56                       (10)     Chapter 11      related      reorganization      items                                                     -                    (1,054)                                                              ---                    ------     Total other      expense, net                                        (14,435)                  (15,341)      Income (loss)      before      provisions for      state income      taxes                                                   504                    (6,366)      Income tax      expense  -      current                                                 (74)                     (555)     Income tax      expense -      deferred                                             (1,682)                   (1,600)                                                           ------     Net loss                                             $(1,252)                  $(8,521)                                                          =======                   =======      Loss per share:     Basic                                                $(38.09)                  $(91.04)                                                          =======                   =======     Diluted                                              $(38.09)                  $(91.04)                                                          =======                   =======      Weighted average      common shares      outstanding                                         145,544                   140,735                                                          =======                   =======     Weighted average      common and      common      equivalent      shares      outstanding                                         145,544                   140,735                                                          =======                   =======   

                             Greektown Superholdings, Inc.                               Consolidated Balance Sheets                     (In thousands, except share and per share data)                                            March 31,                  December 31,                                          ---------                  ------------                                                          2012                        2011                                                          ----                        ----                                         (unaudited)     Assets     Current      assets:     Cash      and      cash      equivalents                                      $46,061                     $50,754       Accounts       receivable       -       gaming,       net                                                 703                         734       Accounts       receivable       -       other,       net                                               1,560                       1,216     Inventories                                           423                         398     Prepaid      expenses                                           7,429                       5,605     Prepaid      Michigan      Gaming      Control      Board      annual      fee                                                6,258                       8,823     Prepaid      municipal      service      fees                                               2,137                       3,346     Deposits                                            1,632                       1,631                                                         -----                       -----     Total      current      assets                                            66,203                      72,507       Property,      building,      and      equipment,      net                                              319,145                     317,085      Other      assets:       Financing       fees -       net of       accumulated       amortization                                     10,720                      11,571      Deposits      and      other      assets                                                30                          30     Casino      development      rights                                           117,800                     117,800     Trade      names                                             26,300                      26,300      Rated       player       relationships       -net       of       accumulated       amortization                                     44,850                      48,300     Goodwill                                          110,252                     110,252      Total      assets                                          $695,300                    $703,845                                                      ========                    ======== 

                                               Greektown Superholdings, Inc.                                                 Consolidated Balance Sheets                                       (In thousands, except share and per share data)                                                                March 31,                      December 31,                                                                                       2012                   2011                                                                                       ----                   ----      Liabilities and shareholders'      equity     Current liabilities:     Accounts payable                                                                13,843                 15,128     Accrued interest                                                                12,550                 25,063     Accrued expenses and other      liabilities                                                                    13,241                  9,631                                                                                     ------                  -----     Total current liabilities                                                       39,634                 49,822      Long-term liabilities:     Other accrued income taxes                                                       8,944                  8,871     Senior secured notes - net                                                     368,735                367,748     Obligation under capital lease                                                   2,485                  2,489     Deferred income taxes                                                           11,776                 10,094     Total long-term liabilities                                                    391,940                389,202                                                                                    -------                -------      Total liabilities                                                              431,574                439,024      Shareholders' equity (members'      deficit):     Series A-1 preferred stock at      $0.01 par value;     1,688,268 shares authorized,      1,463,535 shares issued and      outstanding at March 31, 2012      and December 31, 2011                                                         185,396                185,396     Series A-2 preferred stock at      $0.01 par value;     645,065 shares authorized,      162,255 shares issued and      outstanding at March 31, 2012      and December 31, 2011                                                          20,551                 20,551     Series A-1 preferred warrants at      $0.01 par value;     202,511 shares issued and      outstanding at March 31, 2012      and December 31, 2011                                                          25,651                 25,651     Series A-2 preferred warrants at      $0.01 par value;     460,587 shares issued and      outstanding at March 31, 2012      and December 31, 2011                                                          58,342                 58,342     Series A-1 common stock at $0.01      par value;     4,354,935 shares      authorized,145,544 and 142,423      shares issued and outstanding at      March 31, 2012 and December 31,      2011, respectively                                                                  1                      1     Series A-2 common stock at $0.01      par value; 645,065 shares      authorized, no shares issued                                                        -                      -     Additional paid-in capital                                                      13,809                 13,652     Accumulated deficit                                                            (40,024)               (38,772)                                                                                    -------     Total shareholders' equity                                                     263,726                264,821                                                                                    -------                -------     Total liabilities and      shareholders' equity                                                         $695,300               $703,845                                                                                   ========               ========  

                                            Greektown Superholdings, Inc.                                         Consolidated Statements of Cash Flows                                                     (In thousands)                                                 Three Months Ended                    Three Months Ended                                                    March 31,                            March 31,                                                    ---------                            ---------                                                                               2012                        2011                                                                               ----                        ----     Operating activities     Net (loss) income                                                      $(1,252)                    $(8,521)     Adjustments to reconcile net (loss)      income to net cash provided by      (used in) operating activities:     Depreciation and amortization                                            8,632                      10,269     Amortization of finance fees and      accretion of discount on senior      notes                                                                   1,838                       1,687     Chapter 11 related reorganization      items                                                                       -                       1,054     Deferred income taxes                                                    1,682                       1,600     Stock compensation                                                         157                          96     Changes in current assets and      liabilities:                                                                                            -     Accounts receivable - gaming                                                31                        (304)     Accounts receivable - other                                               (344)                        468     Inventories                                                                (25)                         23     Prepaid expenses                                                         1,949                       2,301     Accounts payable                                                        (1,285)                      1,632     Accrued interest                                                       (12,513)                    (12,539)     Accrued expenses and other      liabilities                                                              (269)                      2,100                                                                               ----                       -----     Net cash provided by (used in)      operating activities before      reorganization costs                                                   (1,399)                       (134)     Operating cash flows for      reorganization costs                                                        -                        (271)                                                                                ---                        ----     Net cash provided by (used in)      operating activities                                                   (1,399)                       (405)      Investing activities     Decrease (increase) in restricted      cash                                                                        -                      (2,500)     Capital expenditures                                                    (3,294)                     (1,603)     Redemption of (investment in)      certificate of deposit                                                      -                         534                                                                                ---                         ---     Net cash provided by (used in)      investing activities                                                   (3,294)                     (3,569)      Financing activities     Financing fees paid                                                          -                         (72)                                                                                ---     Net cash (used in) provided by      financing activities                                                        -                         (72)                                                                                ---                         ---      Net increase (decrease) in cash and      cash equivalents                                                       (4,693)                     (4,046)     Cash and cash equivalents at      beginning of year                                                      50,754                      30,195                                                                             ------     Cash and cash equivalents at end of      period                                                                $46,061                     $26,149                                                                            =======                     =======      Supplemental disclosure of cash      flow information     Cash paid during the period for      interest                                                              $25,101                     $25,245                                                                            =======                     =======     Cash paid during the period for      income taxes                                     $                          -                        $400                                                       ============================                        ==== 

                                Greektown Superholdings, Inc.                            Reconciliation of Net Loss to EBITDA (1)                                         (In thousands)                                          Three Months Ended        Three Months Ended                                              March 31,                 March 31,                                              ---------                 ---------                                                          2012                      2011                                                          ----                      ----     Net loss                                          $(1,252)                  $(8,521)     Interest expense                                   14,435                    14,287     Income tax      expense                                            1,756                     2,155     Depreciation and      amortization                                       8,632                    10,269                                                         -----                    ------     EBITDA (1)                                        $23,571                   $18,190                                                       =======                   =======      (1) EBITDA (earnings before interest, taxes, depreciation and      amortization) is a measurement not in accordance     with Generally Accepted Accounting Principles (GAAP) but is      commonly used in the gaming industry as a measure     of performance and as bases for valuation of gaming companies.      EBITDA is a supplemental financial measure     used by management, as well as industry analysts, to evaluate our      operations. However,  EBITDA should not be     construed as an alternative to income from operations (as an      indicator of our operating performance)     or to cash flows from operating activities (as a measure of      liquidity) as determined in accordance with GAAP.     All companies do not calculate EBITDA in the same manner. As a      result, the Company's  EBITDA may not be     comparable to similarly titled measures presented by other      companies.