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A three member Board of Greektown Casino, who will lose control when they emerge from bankruptcy reorganization have selected Isle of Capri casinos to provide marketing and operational services to the bankrupt Detroit casino.
In May 2008 the Casino and its majority owner filed for Bankruptcy protection and anticipates reorganization to be completed later this year.
The bankruptcy judge and Michigan gaming regulators will need to approve the deal before Isle of Capri can take over operations from a Las Vegas-based management company whose contract ended Dec. 31.
Under the terms of the agreement Isle of Capri will be paid $200,000 per month for the first six months and $250,000 a month for the remaining period of reorganization.
Greektown Board Member Jake Miklojcik said in a statement “As we look to the future and continue to seek opportunities to improve performance, maximize profits and minimize costs, Isle of Capri knows the Midwest market, they know casino management and they are positioned to take the property to the next level.”
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