MichiganRadio

Detroit City Council Approves Greektown Casino Sale DETROIT, MI (Michigan Radio) - The Detroit City Council has approved a settlement agreement that lets Greektown Casino leave bankruptcy.

The Council voted six-to-three in favor of the agreement which transfers majority ownership from the Sault Saint Marie Tribe of Chippewa Indians to a group of secured lenders. The previous Council had voted down a similar agreement that would have netted the city more money.

Councilwoman JoAnn Watson opposed the settlement, saying it gives Detroiters less control over the casino's future.

"It's about the people here, who give that million dollars in profit to the casino every day," Watson told a Council meeting to loud applause. "And the citizens have the right to have some access to control."

Many of the casino's minority stakeholders strongly opposed the deal, saying they had gathered enough money to buy the casino.

But a majority of Council members agreed with representatives from Mayor Dave Bing's administration. They noted that the deal guarantees the city at least $13 million it needs to fill an estimated $75 million budget deficit for the current fiscal year.
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