Local News
(2008-06-12)
UNDATED
(wnmu) -
A downstate casino owned by the Sault Ste. Marie Tribe of Chippewa Indians has declared bankruptcy. The Greektown Casino in Detroit filed for Chapter 11 last week, saying it needed to reorganize its finances. Tom Miller is a member of the tribe's Board of Directors, and is Chair of the Casino Management Board. He says the filing came about because of poor decisions made regarding casino development agreements. Miller says their implementation strapped the tribe, financially. He notes, however, that the bankruptcy won't affect the tribe in any negative way.
Miller says once reorganization of the Greektown Casino is done, the tribe will finish construction of a new 400-room hotel and gaming floor expansion. He says they'll also develop an exit financial plan and try to get back on solid economic ground.
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