Indian Gaming > Soo Tribe expects $15.9M loss at commercial casino

June 6, 2008

Soo Tribe expects $15.9M loss at commercial casino

The Sault Ste. Marie Tribe of Chippewa Indians won approval from theMichigan Gaming Control Board to restructure the debt at its commercial casino in Detroit.

The tribe has secured a $51.3 million loan to complete work on a permanent home for the Greektown Casino. With $13.5 million in bankruptcy restructuring costs on the line, the casino will lose $15.9 million this year, a financial adviser said.

The tribe filed for Chapter 11 bankruptcy protection to prevent a force sale of Greektown, one of three commercial casinos in Detroit.

Get the Story:
Greektown projects $15.9M loss in '08 (The Detroit News 6/6)
Casino could report losses for '08 (The Detroit Free Press 6/6)