Hollywood Casino at Greektown
[1][2] Shortly after the enactment of the federal Indian Gaming Regulatory Act (IGRA) in 1988, the Sault Tribe of Chippewa Indians began working with local developers Ted Gatzaros and Jim Papas to open a casino in Detroit.[9] It included a preference for proposals that had already been approved by Detroit voters, making the Greektown and Atwater projects the "presumptive choices" for two of the casino licenses.[19] It incorporated Trappers Alley, a vacant shopping center owned by Gatzaros and Papas, together with a new building.[22][23] However, gaming regulators found problems during Gatzaros and Papas's background checks, and they were effectively forced to sell their shares.[31][32] In 2002, Greektown agreed with the city to build its $450-million permanent facility on an 8-acre (3.2 ha) site at Interstate 375 and Gratiot Avenue.In November 2009, 25,000 square feet (2,300 m2) of convention space opened with a newly designed poker room.By late 2007, the casino was in financial trouble, as its debt-to-equity ratio fell below the minimum threshold negotiated with the lenders who financed the expansion.[38][39] John Hancock Financial, OppenheimerFunds, Brigade Capital, and Solus Alternative Asset Management together owned 78% of the company.[38][40][41] Rock Gaming, owned by Dan Gilbert, agreed in January 2013 to buy a majority stake in the Greektown Casino.
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