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Greektown Casino in Detroit may have to put its nearly complete hotel project on hold due to a growing cash crisis, according to the Michigan Gaming Control Board. The board indicated that the casino, whose revenues are the lowest among the city's three casinos, needs more than $22 million in the next four months in order to complete construction. However, lawyers representing Greektown says the casino is not running out of cash and will have enough to finish the hotel. The gaming control board also wants to appoint a conservator for Greektown and put the casino up for sale.
The hotel, scheduled to open in February, has already booked guestrooms for the NCAA Final Four men's basketball tournament in April and more than a dozen weddings next year.
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Work May Stop on Greektown Casino's Hotel Project in Detroit
Nov 20, 2008 - Source: Detroit Free PressGreektown Casino in Detroit may have to put its nearly complete hotel project on hold due to a growing cash crisis, according to the Michigan Gaming Control Board. The board indicated that the casino, whose revenues are the lowest among the city's three casinos, needs more than $22 million in the next four months in order to complete construction. However, lawyers representing Greektown says the casino is not running out of cash and will have enough to finish the hotel. The gaming control board also wants to appoint a conservator for Greektown and put the casino up for sale.
The hotel, scheduled to open in February, has already booked guestrooms for the NCAA Final Four men's basketball tournament in April and more than a dozen weddings next year.
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