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The ongoing dispute between the City of Detroit and Greektown Casino-Hotel has been settled as owners seek to emerge from bankruptcy under the ownership of its bondholders.
Earlier this week, the judge overseeing Greektown’s bankruptcy proceedings signed off on a settlement between the casino and the city.
“It’s in the best interest of both parties to reach a settlement,” said Krystal Crittendon, corporation counsel for Detroit.
Last year the city filed a lawsuit against the casino contending that the owners violated zoning laws, failed to build a theater that was promised and did not offer Detroit residents an ownership stake in the casino.
The city has agreed to drop the lawsuit and an appeals case, as well as help the casino win a 5% tax rollback needed from the Michigan Gaming Control Board, in exchange for a settlement payment of $13 million.
Greektown currently pays a 24% gaming tax. Competing casinos MotorCity and MGM Grand Detroit pay 19% after taxes were lowered when they became fully operational. Greektown did not reach that stage because of defaults forcing them into bankruptcy.
Based on last year’s revenues, the tax rollback would add $19.4 million to the casinos bottom line, which is critical for success after it, emerges from bankruptcy.
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