Greektown Casino Files for Chapter 11

The writing for this has been on the wall for a while, but still... It's never an exciting thing...

Link Detroit Free Press article

One will see what this eventually will mean for the Casino market in Michigan, but someone will surely be interested in providing financing. How many ways can you say, "Don Barden"?

Only time will tell....

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A followup to this story. It looks like this had more to do with access to cash than with any real issue in the operations of the casino. As the tab increased for the new hotel across the street, their balance sheet was beginning to look 'out-of-whack'. For you accounting geeks out there...A liability growing faster than the asset, who by the way was not generating any cash to pay down the liability. At the end of the day the ownership group filed Chapter 11 so that they could restructure their loans and no be forced to sell the casino the Michigan Gaming Control Board. Much ado about nothing? Hardly, but it doesn't signify anything other than a financial move by the ownership group.