Ruling an important step in Greektown obtaining tax rollback

DETROIT, May 14 /PRNewswire/ -- The Honorable Judge Walter Shapiro yesterday issued an opinion declaring Greektown Casino-Hotel is not in default of the development agreement it entered into with the City of Detroit and the Economic Development Corporation of the City of Detroit, and in turn granted Greektown's motion to assume the development agreement. Judge Shapiro noted in his opinion, "...particularly in this case, the Court believes the assumption statute contemplates and favors affording Greektown (and the City as well) the full range of the benefits and obligations of, and in, their carefully negotiated bargain." He concluded, "...Greektown's motion is granted and it should present an appropriate order."

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"We are incredibly pleased with Judge Shapiro's ruling," said Charles M. Moore, Senior Managing Director at Conway MacKenzie, Inc., the restructuring advisor assisting Greektown with its reorganization. "This decision is an important step for Greektown to obtain the tax rollback it is entitled to and furthermore, an important step in moving Greektown out of bankruptcy. That outcome will not only benefit Greektown and the many people depending on its solvency, but it will also ultimately benefit the city of Detroit."

Located at 555 E. Lafayette Avenue in Detroit's Greektown Entertainment District, Greektown Casino-Hotel opened on Nov. 10, 2000. Readers of The Detroit News and Detroit Free Press have voted Greektown Casino-Hotel Michigan's and Detroit's "Best Casino" numerous times. Greektown Casino-Hotel offers such amenities as their all-new International Buffet, the Eclipz Lounge and a VIP lounge for players. In addition to being named "Best Casino" by readers of The News and Free Press, Greektown Casino-Hotel also placed first in other categories in The News' reader survey, including "Best Slots," "Best Wait Staff Outfits," "Best Craps Tables," "Best Blackjack Tables," "Best High Rollers Area," "Best Casino Restaurant," and "Best Casino Entertainment." Greektown Casino-Hotel opened its new 400-room hotel tower February 2009. For reservations and group events, call 877-GCH-5554 or visit greektowncasino.com.

    Media contact:    Riley Meredith/James Woodrow    Preferred Public Relations    (702) 254-5704    riley@preferredpublicrelations.com    james@preferredpublicrelations.com

SOURCE Greektown Casino-Hotel