Entertainment Interests Group LLC Announces Plan to Acquire a 40% Stake in Detroit's Greektown Casino

Entertainment Interests Group LLC Announces Plan to Acquire a 40% Stake in Detroit's Greektown Casino

5/14/2008
By: Peter J. Kulick Suburban Detroit-based Entertainment Interests Group LLC and Greektown Holdings LLC, the majority owner of Greektown Casino, have announced a tentative agreement for Entertainment Interests Group to acquire a 40% interest in Greektown Holdings. The agreement, which would involve a transfer of interest in a Michigan licensed-commercial casino, would require the approval of the Michigan Gaming Control Board ("MGCB"). Greektown Casino has been confronted by financial issues over the past year. During 2007, Greektown operated below the income-to-debt ratios required by the MGCB. Greektown Casino's 2008 projections predicted a continuing negative financial trend. Entertainment Interests Group is being spearheaded by the developers of Pinnacle Race Course. Pinnacle Race Course is a new thoroughbred horse racing track located near Detroit Metropolitan Airport. The Entertainment Interests Group's relationship with Pinnacle Race Course could pose interesting legal considerations for the MGCB as it considers whether to issue licenses to the proposed investors.
  • EMAIL
  • |
  • PRINT

RELATED PRACTICES: