Saturday, June 03, 2006

As reported by the Detroit News: "While MGM Grand Detroit and MotorCity
casinos are working furiously to build lavish new permanent hotel-gaming
complexes, Greektown Casino remains tangled in red tape that has prevented
it from placing its first shovel in the ground. "The delays could end up
costing Greektown Casino tens of millions of dollars in revenue. Both MGM
and MotorCity already have started signing up conventions and events at the
new facilities for 2008 and beyond. "MotorCity broke ground on its $275
million permanent facility late last year and expects to open by late 2007
or early 2008. It will use its current temporary casino as part of the
structure. The $765 million MGM permanent facility, the only one being built
from the ground up, broke ground earlier this year and is expected to open
in early 2008.

"Greektown still expects to open its permanent facility by 2008, but is
almost certain to trail its competitors.

"Trailing the pack is nothing new for Greektown. By the time it opened its
temporary casino in 2000, its two competitors had been open a year and had
raked in more than $900 million in gambling revenue. Greektown has never
caught up, remaining a distant third among the three casinos in gambling
revenue.

".Greektown is still at least several weeks away from receiving site plan
approval from the Detroit City Planning Commission."