cause Chapter 11 filing 11 Chapter cause to happened” things “Many How Greektown tumbled into bankruptcy into tumbled Casino Greektown How

insert.) special this of 2 page on story related posted.” has Group Point Fine the numbers any exceeded “far often — share market and revenues gross in — performance financial Casino’sGreektown management, TribeSault Under operations. no casi- over take to hired was Group Point Fine the called company Vegas-basedLas a — management case bankruptcy the in parties other the of some of insistence the at — January in But executives. casino by operated and members TribeSault board of up made board management a by erned gov- largely was facility year,the this earlier until 2000 November in business for opened Casino Greektown date the From property.the of oversight and trol con- management providing was it when right things of lot a did tribe the suggests Casino Greektown of performance the Aof review said. he organization,” or person one any or tribe the of trol con- the beyond completely were that happened things “Aof lot tribe. the blame only to critics for inaccurate it’sand feel unfair members board tribal other and he said McCoy 11.”Chapter in also are that nation the and in companies other many the and TwinCasinos, Casino Lake TropicanaTrumpK-mart, , Chrysler,Motors, Visteon, Delphi, General of said be can thing same differently.the things sure I’m some done have could we “Perhaps McCoy.Joe TribeSault Chairman bankruptcy,”the said to contributed that happened things “Many bankruptcy. trigger to time, same the at or time over happen, things multiple cases, most In court. bankruptcy U.S. into company a forces that trauma financial of level the causes action or circumstance mistake, single no suggests cases ruptcy bank- various at Alook close years. and weeks recent in cy 11bankrupt- Chapter into tumbling companies entertainment and retail manufacturing, Michigan and U.S. prominent of long is list The Casino. Bauer,Greektown Eddie TrumpEntertainment, Casinos, TwinTropicanaCasino, Lake Chrysler,Visteon, Lear,Delphi, revenues were higher than any- than higher were revenues gross when control management tribe’sthe under years the over PAST“There were many months many were — General Motors, General — (See other companies. other many and TrumpCasino, casinos, TwinMGM, Greektown, Lake at troubles financial the to ing add- skyrocketed, expansions and hotels casino as such projects construction major for money ing borrow- of cost the this, of all of result bailout. a federal As a for Washingtonto limping sent were Others weeks. and days of matter a in failed world the in and Street Wallon firms brokerage and banks respected most and biggest the of Some loans. commercial and ing hous- residential bad of thousands of tens under collapsed industry es servic- financial U.S. the recession, worsening a in mired nation the floor.with gaming But and hotel the of construction complete to funds additional significant needed casino the 2008, winter By 2001. in tion opera- in year property’sfull first the since Casino Greektown for record on year revenue worst the be would 2008 clear became it Soon, invoices. construction hotel and bills daily of weight the under strain to began casino’sflow cash away,customers the regular some even driving property the outside construction with and ployment, unem- and losses job in nation the lead to continued Michigan As time. a at months and weeks for property the access to guests for impossible to ficult dif- it making casino, the to ing lead- roads key closed or blocked construction the tion. times, At construc- of stages critical in were expansion floor gaming and hotel Casino’sGreektown 400-room as just 2008, in point deepest its at was recession The sheets. balance their on debt significant with nies compa- other many and — Casino Greektown on toll a took recession, nation’sthe economic and sion, Michigan’sdepres- economic organization. or person any of control the beyond were that some and management to attributed be could that 11,some Chapter into Casino Greektown forced that happened things bad Multiple 11Chapter caused that Factors year.”this far so month single any than better was share ket casino’sthe mar-when years also were “There said. McCoy space,” gaming of feet square additional 25,000 and garage parking attached an buffet, a hotel, 400-room a from in coming revenues of benefit the without it did we year,and this far so achieved been has that thing Win AwenenWin SectionB Nisitotung the possible outcomes for the tribemembers whenunderstand Greektownthe historyemerges of the from tribe’s of thebankruptcy. year andinvolvement asearly aslate this insummer. Greektown This Casino special 11andbankruptcy. section isdesigned The Detroittohelp casino will likely “exit” from Chapter 11before theend Editor’s note the casino to meet certain financial certain meet to casino the required staff MGCB the plan, the of not. part was As staff MGCB the plan, financing the with fortable com- were lenders its and tribe the While obligations. financial other off pay to casino’sand expansion the for pay to accumulated being debt of amount the about cerns con- expressing were staff its and MGCB the meetings, private in and Publicly expansion. casino manent per- the fund tribe’sto proposal the considering was (MGCB) Board Control Gaming Michigan the 2005, November In added. bankruptcy,”for he file to have not and situation financial our help to funds the had have could we lion, mil- $80 “Withalmost increase. tax the of because million $79.2 paid has Casino Greektown said. McCoy became,” they as severe as been have never would difficulties financial Casino’sGreektown increase, tax gaming state the “Werefor not it Greektown. did than time of period shorter a for rate tax higher the paying up ended tors competi- two the Greektown, than sooner hotels their open would MotorCity and MGM both Because casino. particular that for nated elimi- be would increase tax the of portion a hotel, 400-room a open to agreement its fulfilled casinos the of one when Lansing, by passed legislation MotorCity.the Under and MGM competitors, crosstown two its than more even Casino Greektown hurt increase tax The behaviors. questionable the enable that companies the on taxes as them justify Democrats while behavior,questionable on taxes as them justify Republicans capitol. the in taxes “sin” called are they — items controversial target they because votes political easy tively rela- be to tend taxes cigarette and gaming levies, state the taxes many flow.cash on the hurt Among ous seri- a put and month a million $1.8 nearly Greektown’sby profits reduced alone action This nos. casi- Detroit three the by paid tax gaming state the percent 33 by increased legislature and governor the example, for In 2004, August floor.gaming and hotel no casi- permanent the completing of costs the raised and margins profit Greektown’shurt significantly also Detroit of City the and ment govern- state by actions Certain harder things make Detroit of City State, The Greektown Greektown The Challenge

majority owned by the Sault MostTribe,tribal ismembers in Chapterknow Greektown Casino, casino almost immediately.almost casino the lost have would tribe the that good were chances license, gaming no and expansion floor gaming no hotel, completed With no noncompliance. for license gaming facility’sthe suspend to state the ask can city the agreement, opment devel- its violates casino a If time. in date specific a by space gaming of 100,000-square-feet and hotel 400-room a have to casinos Detroit three the of each requires that city the with contract a is agreement Detroit. of ACity development the with agreement” “development its of violation in be would tribe the stopped, floor gaming and hotel the on floor.work gaming If and hotel the on construction stop or tion 11protec- Chapter Seek choices: two with faced was tribe The reorganized.” be could debts other 11,where Chapter entered we if capital the provide to agree only would bank the consultants outside our “Weby said. told McCoy were expansion,” floor gaming and hotel the of construction the plete com- to cash additional of amount “Wesignificant a needed costs. construction and bills daily the pay to enough not but casino, the of bills daily the pay to sufficient were profits Greektown’s2008, May late By said. er,”McCoy high- even costs construction drove city the by caused delays “The timelines. construction initial meet to time in approvals zoning related provide to failed also city The sale. the completing on feet its dragged then but casino, the to property the sell to agreed Detroit of City The casino. the and hotel 400-room the to attached be ally eventu- city.would the garage The by owned land on garage parking 2,900-space a build to was casino permanent the of one Phase casino. permanent the on construction of start the in delays significant faced tribe the worse, matters Making financing.” our approve to going not was MGCB the or them swallow to had we that experts our to clear was it but could, we as “Westrongly said. as objected money,”borrow McCoy to us for expensive more even it making by complete to expensive more even casino the made MGCB the by us on imposed covenants “The property. the of sale a force could MGCB the plan, the under so, do to failed casino the If future. the in enants,” “cov- or milestones, performance 2B Section B • July 14, 2009 • Win Awenen Nisitotung Greektown Casino seeks higher revenues, market share DETROIT – As the last casino to open in the intensely com- petitive Detroit gaming market, Greektown Casino’s financial performance has consistently lagged behind its cross town rivals, MGM Grand Detroit and MotorCity. Some blamed the casino’s location. While popular for decades with suburban tourists, the Greektown entertainment district can be nightmarish for parking. That was especially true for Greektown Casino’s first seven years of operations, when the casino lacked the con- venience of an attached parking garage. Both MotorCity and MGM had spacious garages, easy to enter and exit and free of charge. Parking in Greektown becomes even more challeng- ing on the nights the Detroit Tigers are playing at home in , just a few blocks to the north. And in 2008, when the permanent Greektown Casino was under construction, key roads out- side the property were either blocked or closed, driving even loyal patrons to slot machines and gaming tables elsewhere. Making matters worse, I-375, the main freeway leading to and from Greektown Casino, was under construction much of 2008, creating traffic bottle- necks for motorists heading to and from . Others were critical of Greektown Casino manage- ment. From the date Greektown Casino opened for business in November 2000 until December 2008, the facility was largely run by former Las Vegas casino executives and governed by a management board made up of Sault Tribe board members (only one Sault Tribe mem- ber sits on the board today). During those years, Greektown Casino’s market share at best hovered around 30 percent. Every month, gross revenues and market share were last in the market. Still, during many of those months, the casino per- tribe ran Greektown Casino, wave they came in on. They erty, making it hard to drive formed better than during any revenues largely came only took over almost exactly at the and walk to the casino. month to date in 2009. from gaming. The 400-room moment when all the construc- • So far in 2009, the best It’s also important to note hotel did not open until earlier tion work ended and the new revenue month for Greektown that the Sault Tribe has operated this year, after the new manage- hotel and expanded gaming Casino was $30.15 million, five northern Michigan casinos ment company was in charge. floor opened. We handed them also in April. By comparison, profitably for many years. In The expanded gaming floor, a much more viable and com- total revenues exceeded $30.15 fact in calendar year 2008 — with 25,000 square feet of addi- petitive property.” million nine times in the last with the state and nation mired tional gaming space for more Revenue figures posted by several years, when the tribe in recession and revenues tank- slot machines, also did not open the Michigan Gaming Control was largely in management ing in casino markets across the until this year. Just as impor- Board show the following control of the property. country — profits were up mod- tant: the casino did not have an about the performance of (See chart: Greektown estly at the tribe’s five northern attached parking garage most Greektown Casino: Casino Revenue Trends) Michigan casinos. of the years the tribe and other • So far in 2009, the best “It’s good that market In January of this year, at the managers were running the market share month was 25.7 share is rising again, so clearly insistence of some of the par- property. percent in April. By compari- some progress is being made,” ties in the Greektown Casino “Given the fact that we had son, the casino’s market share McCoy “But we are stunned Chapter 11 bankruptcy case, no attached garage most of was higher than 25.7 percent in the casino has not even posted a Las Vegas-based manage- those years, and we did not 50 of the previous 72 months, 30-percent market share this ment company called the Fine have revenues from a hotel, when the Sault Tribe was year when they have every- Point Group was hired to take from a bigger gaming floor and largely in management control thing we had plus a fully open over casino operations. In addi- from a buffet, it’s a bit puzzling of the property. hotel, hundreds more slot tion, the size of the Greektown that market share this year has (See chart: Greektown machines, a buffet, an attached Casino Management Board was not increased even to the levels Casino Market Share Trends) garage and no construction reduced to three members — of past years now that all of • Market share is increasing blocking access to the prop- two outside professionals and those revenue-generators are again in 2009 after dropping erty. one Sault Tribe board member. open at Greektown Casino,” in the final eight months of “People criticized us, but Greektown performance, 2003 said Sault Tribe Chairman Joe 2008, when permanent casino obviously we did a lot of to now McCoy. “The new management construction had blocked and things right when we were in In the months and years the team at the casino is riding the closed roads outside the prop- charge at Greektown Casino.” PERFORMANCE 3B Section B •Win Awenen Nisitotung • July 14, 2009 Tribal members organize GREEKTOWN CASINO TIME LINE “Save our Greektown” 1985 Sault Tribe opens its first tribal casino in Sault Ste. Marie. Gaming is seen as a sound business strategy to help achieve economic self sufficiency and reduce the tribe’s reliance on federal government filed by the main creditor, Merrill Lynch, By Jennifer Dale-Burton programs and services. SAULT STE. MARIE — Sault Tribe on June 1 includes no Sault Tribe owner- members are organizing to do whatever ship and a hearing for the plan is set for 1992 Tribe and prominent Detroit developers launch effort to open it takes to save the tribe’s ownership of July 20. The tribe has until that date to a Native American casino in Greektown. Greektown. Their main goal is to insert file its own plan. themselves into Greektown bankruptcy “We would like to recognize and thank 1994 City of Detroit voters approve ordinance legalizing casinos proceedings so they can be heard by U.S. those tribal members who are so pas- in the city (this was an advisory vote only because state law still Bankruptcy Court Judge Walter Shapero, sionate in their campaign to try to help banned non-Native casino gambling in Michigan). Tribe helps fund who is presiding over the Greektown with Greektown Casino,” said Tribal the campaign. bankruptcy. Chairman Joe McCoy. “They believe “We want the bankruptcy judge to strongly, as many tribal members do, that 1995 Gov. John Engler rejects tribe’s request to open Native hear from the people and how it affects we must do everything to try assure the American casino in Greektown. Engler urges Tribe to take its pro- us. And, how it affects posal to Michigan voters on the 1996 statewide ballot. Michigan,” said Debra Pine. “Losing Greektown will 1996 (November) Michigan voters approve Proposal E, legalizing have a tremendous impact three state-regulated casinos in the City of Detroit. The tribe funds on the state.” rom 1986 to 2001, and leads the campaign. Losing Greektown will also have a tremendous we distributed $4.38 1997 (November) After appointing a blue ribbon panel of business impact on the tribe, because and political leaders to evaluate bidders for the three Detroit casino all the debt incurred by the licenses, the City of Detroit selects Sault Tribe, MGM and Atwater tribe isn’t going to go away. billion dollars to Entertainment (a group of investors later bought out by the Ilitch fam- “Our children and our chil- ily). Nearly every major gaming company in the world bids on one of dren’s children will be pay- F the licenses. ing this debt,” said Cathy Michigan, half in the DeVoy, another organizing 1998 Three Detroit casino operators acquire land, finalize plans member, who added that U.P. and half in Lower and hire architects and construction firms for their temporary Detroit coming out of bankruptcy casinos. without Greektown will mean years, if not decades, Michigan. 1999 Lac Vieux Desert Band of Lake Superior Chippewa Indians, of debt. That means the based in the western Upper Peninsula, files lawsuit claiming the tribe’s revenue will be used — Debra-Ann Pine, process used by the City of Detroit to select the three casino opera- for debt, not programming. tors was discriminatory. (July) MGM Grand Detroit becomes first The group also wants to temporary Detroit casino to open, with attached garage. (December) let the membership know Sault Tribe member Temporary MotorCity Casino opens with attached garage. Issues con- that Greektown is “our most cerning the state licensing of certain investors (not members of the valuable asset and our most Sault Tribe) delays opening of Greektown Casino. profitable.” Not only for the tribe, but all of Michigan. If Greektown best possible outcome given the very dif- 2000 (November) Temporary Greektown Casino opens with no goes to a private owner all the benefits ficult circumstances we face. I think we attached parking garage. to the tribe, the state of Michigan and all recognize this is an uphill fight.” its citizens will all be lost. If the tribe Others involved in Members United 2001-04 Three Detroit casino operators seek locations for their remains Greektown’s owner, the billions to Save Greektown include Jen McLeod, permanent casino resorts, which must have 400-room hotels and that the tribe has pumped into the state Tony Nertoli, Arlene King, Rose Menard, 100,000 square feet of gaming floor space. MGM decides to build in will continue. Cathy DeVoy, Jolene Graham, Janet a new location near its temporary casino. MotorCity and Greektown “We have shown over time that we Liedel, Luci DeVoy, Debra-Ann Pine, Casino decide to expand at the sites of their interim casinos. are good citizens of the state,” said Pine. Edye Nichols, along with and a num- “We share with everybody, not just ber of tribal members who helped with 2004 State of Michigan raises state gaming tax paid by the three members, employees and vendors. Our developing the language for the cover let- Detroit casinos by 33 percent. The tax increase hurts profits and cash enterprises benefit people, not businesses. ter and the petition. flow at all three properties, causing immediate layoffs at Greektown From 1986 to 2001, we distributed $4.38 Members of the group said they aren’t Casino. billion dollars to Michigan, half in the interested in seeing the tribe shortchange U.P. and half in lower Michigan.” anyone. “As honorable people with 2005 (November) The Michigan Gaming Control Board (MGCB), The group hopes they can add to the integrity, we want to pay off the debt. We the state gaming regulators, approve the financing plan to build the tribal board’s actions with their own want a reaffirmation of the agreement,” permanent Greektown Casino. The MGCB requires that the casino grassroots effort. “We are not an adver- said Pine. meet certain financial performance benchmarks (based on debt service sarial group,” said Cathy DeVoy. “We to revenues) or they can force the tribe to sell the casino. are behind our tribal leaders and we’re hoping our actions will complement the 2006 (April) After months of delay, Greektown Casino closes on tribal board’s.” the purchase of the land where it would build a 2,900-space parking A petition is out for tribal members’ garage. On the land is an old city parking garage that would have to signature and letters of endorsement are be demolished. The delays in buying the land causes delays in start- being solicited from those benefitting ing construction on the permanent casino, which drives construction from the tribe all these years — through Here’s how you costs higher and jeopardizes the financial benchmarks imposed by the 2 percent contributions, employment, MGCB in 2005. (June) Construction on the permanent casino begins donations and community participation can help with demolition of old city parking garage. such as United Way. Tribal members wishing to help can 2007 (October) MGM becomes first Detroit operator to open its send e-mail to the group online via E-mail: savegreektown. permanent casino and hotel resort. (June) MotorCity Casino opens its savegreektown.saveourfuture@gmail. expanded gaming floor and (November) its permanent casino hotel. com and they will send a PDF of the [email protected] (November) Greektown Casino opens its 2,900 parking garage (the petition to download, sign and send casino hotel would be built on and adjacent to the garage). back. Please send signed petitions to Sign: Save our Greektow Debra-Ann Pine, 1702 E. 7th St., Sault petition and send it back. 2008 Nation and state fall into worst recession since Great Ste. Marie, MI 49783; Tony Nertoli, 541 Depression. Nation’s credit markets collapse. (May) Greektown Cedar St., Sault Ste. Marie, MI 49783; Casino files for Chapter 11 bankruptcy protection. The bankruptcy, or Arlene King, 918 Superior, Sault Ste. Speak: To those who benefitted construction blocking key roads into the casino, construction on Marie, MI 49783. from Sault Tribe and ask them to I-375, and the recession cause casino to have worst revenue perfor- The group also encourages tribal write a letter. mance year since 2001. members, and anyone else who supports the tribe in its endeavour, to contact their 2009 Bankruptcy case continues. (January) New management elected officials. Since it’s a federal mat- Write: Your representatives to company hired to operate Greektown Casino; new casino manage- ter, that would be U.S. Congressional Congress and the White House. ment board is seated with only one tribal representative. Exit from members and the White House. Chapter 11 expected as early as September, with ownership uncertain. They don’t have much time to get a lot of work done and all tribal members are encouraged to join in the effort. A plan 4B Section B• July 14, 2009 • Win Awenen Nisitotung Greektown: A chance for self-sufficiency

SAULT STE. MARIE, Mich. the tribe has created a myriad opportunity in Detroit and went Ultimately, thanks in the first of the three casinos to — Many Sault Tribe elders of health and social programs for it.” large part to the Sault Tribe, open. MotorCity casino opened remember when dirt floors were and services for its members, What the leaders saw Detroit voters in 1994 and its doors a few months later. common on the reservation, especially those on and near in Detroit was a financial statewide voters in 1996 passed The opening of Greektown when unemployment was reservation lands. The tribe opportunity to establish ballot questions to legalize Casino was delayed until rampant and educational helps to send hundreds of a casino in what analysts casino gaming in Detroit and November 2000 largely over opportunities and adequate young people to college. It estimated to be an annual Michigan and allow up to three licensing issues with non-Sault health care services for has comprehensive health gaming market of between $1.1 commercial casinos in the Tribe partners. members were almost non- care, elder care, education billion and $2 billion. state’s largest city. The tribe The Detroit gaming market existent. services, foster and adoptive In short, tribal leaders saw contributed a lot of time and quickly exploded. In 2001, the For generations, the only care, housing, cultural, and an opportunity to establish a resources that played large parts first full year all three casinos services available to the tribe recreational programs and business that could significantly in the successful 1996 statewide were open, the Detroit market came from the state and federal services. The tribe has also move the tribe toward ballot question. generated more than $1 billion governments. become one of the largest economic self sufficiency. Every major commercial in gross revenues. Today, “The tribe had no way to single employers in the Upper Commercial gaming comes to gaming company in the world the Detroit gaming market is generate revenues or create Peninsula. Detroit competed to win one of the the fifth largest in the nation, jobs,” said tribal Chairman “Because of our gaming In the early 1990s, non- three Detroit gaming licenses according to the American Joe McCoy. “The dream was revenues, we are better off Indian casino gaming was because they saw significant Gaming Association. In 2008, to become self-sufficient, to today as a tribe” McCoy said. banned by state law. opportunity in the untapped revenues at the three Detroit not have to rely on anyone but In the early 1990s, when The tribe teamed up with two market. Perhaps the highest casinos exceeded $1.36 billion. ourselves for jobs and critical gaming was starting to make Greektown developers who had profile bid came from casino “As a sovereign government, programs and services. It a positive difference for the strong political connections tycoon Donald Trump, who the Sault Tribe must constantly seemed so much like a dream.” tribe, it was clear the northern in Detroit and Lansing. They partnered with pop star Michael search for ways to fund and Then came 1985. The Sault casinos — as successful as they approached then Gov. John Jackson and a prominent expand the programs and Tribe opened the first of its five were — could never meet all of Engler about the possibility of Detroit business leader in an services our members need and northern Michigan casinos. the needs of more than 38,000 establishing a Native American attempt to gain a license. Trump deserve,” McCoy said. “I think “Getting involved in members and their families. casino in Detroit. A casino had casinos are also in Chapter 11 the potential for a commercial gaming, especially through our “We still had members on, opened in Windsor, Canada, bankruptcy. casino inside one of the nation’s Kewadin Casino properties, has and many more off, reservation directly across the river from Ultimately, the City of largest metropolitan areas was provided additional resources lands that were not getting Detroit, and was drawing Detroit in late 1997 awarded simply too great to ignore, to supplement the funding the health care and other thousands of daily visitors casinos to MGM, Mandalay especially for a tribe trying to provided to the tribe by the help that was so desperately and millions of dollars from Resort Corp., which had fund programs and services for state of Michigan and the needed,” said Sault Tribe board southeast Michigan. Engler partnered with Detroit’s Ilitch future generations.” federal government under past member Bernard Bouschor, declined to support the Indian family and dozens of other treaty obligations,” McCoy who was tribal chairman casino in Detroit and suggested, local people, and the Sault said. when Greektown Casino was instead, that voters statewide be Tribe. Prominent Thanks to the success of the initially contemplated. “Back given the opportunity to decide Commercial gaming began in northern Michigan casinos, then, the tribal leaders saw an the matter. July 1999 when MGM became Companies in Chapter 11 Tribe’s future ownership of Bankruptcy Some of the most prominent companies in the state, nation and Greektown Casino uncertain world have tumbled into Chapter 11 bankruptcy in DETROIT — As the Greektown ownership, and they may be raise the most cash to pay as Various parties will be asked recent weeks, months and Casino Chapter 11 bankruptcy right,” said McCoy, who was many of the casino’s debts as for their input on the ownership years. Here is a list of some case moves toward resolution, elected tribal chairman in is possible. According to media plans that are submitted, includ- companies in Chapter 11 the Sault Tribe’s future owner- the summer of 2008, several reports, one company — Merrill ing Merrill Lynch; the Michigan that are reorganizing and ship of the casino remains in months after the casino entered Lynch — has submitted a pro- Gaming Control Board; the seeking to “exit” financially doubt. Chapter 11. “The board of posal to buy the casino so they City of Detroit; the Greektown Experts say there are three directors and I are doing every- can own it on exit from Chapter Casino Management Board; and stronger: possible outcomes for the tribe thing possible to choose the 11. Typically, these types of other creditors. when the casino “exits” from course of action that is best for plans in Chapter 11 cases offer McCoy said it is too early to 1. General Motors Chapter 11, which could occur our members and that we are a purchase price and contain say if the tribe will ultimately 2. Eddie Bauer as early as September: financially and legally able to other management and owner- be part of an owernership plan 3. Six Flags • The tribe could retain pursue, which includes explor- ship details. and if it would be the one 4. Extended Stay Hotels majority ownership, ing every means to keep some According to the stories, approved by the bankruptcy 5. Star Tribune • The tribe could end up level of ownership. under its plan, Merrill Lynch court. owning a minority stake in the “The end result is difficult to would receive payment in full “We know we are facing an 6. Visteon casino, or predict at this time.” through a debt repayment and a uphill battle, as is any company 7. Atlantic City Casino • The tribe could end up with Jockeying for ownership conversion of debt into equity. in Chapter 11 that is not get- 8. Twin River Casino, R.I. no ownership. Greektown Casino owes Under the Merrill Lynch plan, ting a bailout from the federal 9. Metaldyne Corp. “Between now and exit, various creditors about $800 the tribe’s equity in the casino government,” he said. “Debt 10. Metromedia Int’l Group the tribe is considering all million in debt, reflecting funds would be “extinguished.” In and the bad economy combined 11. Chrysler its options,” said Sault Tribe that were borrowed to build the addition, Greektown Casino to push a lot of companies 12. Building Materials Chairman Joe McCoy, who interim casino, buy land and bondholders, who are owed into Chapter 11. Even General also serves on the Greektown build the permanent casino’s $180 million, would be paid Motors and Chrysler, which are Holding Corp. Casino Management Board. attached parking garage, build nothing. being bailed out by U.S. taxpay- 13. SandTec “Ultimately, our goal is to the 400-room hotel and expand Currently, the tribe is work- ers, are being forced to make 14. MagnaChip choose the path that, given the the gaming floor. Under their ing on an ownership plan with significant management changes 16. Fontainebleau Las circumstances, is in the best development agreements with a highly regarded Michigan while in Chapter 11. The own- Vegas LLC interests of tribal members and the City of Detroit, each of businessman and entrepreneur. ers of many privately held com- 17. Megacolor Corp is financially and legally pos- the three Detroit casinos were Under the plan, the tribe would panies in Chapter 11 are losing 18. Aviza Technology Inc. sible.” required to build facilities with retain an ownership position in their companies to other bidders Because of the recession, the at least 100,000 square feet of Greektown Casino, though the during the process, which may 19. RH Donnelley Corp tight national credit market, the gaming space, 400-room hotels exact terms and percentages are very well be the tribe’s fate in 20. Northfield Laboratories financial difficulties facing the and other specific amenities. still being negotiated. this case.” 21. Michael Beaudry tribe and the significant levels Merrill Lynch is owed $550 “If the plan is solid and McCoy said the tribe will 22. Ion Media Holdings of debt that pushed Greektown million, making it the casino’s makes sense for all parties, it is continue to update members on 23. Arcade Publishing Casino into Chapter 11, it will largest secured lender and the our intent to move forward with important Chapter 11 develop- 24. Pink Elephant be difficult for the tribe to retain first to be paid in the bank- it,” McCoy said. ments on the Sault Tribe Web majority ownership when the ruptcy case. Up to the U.S. bankruptcy site, www.saulttribe.com, on the 25. Delphi Corp. casino emerges from Chapter During the Chapter 11 pro- judge blog www.futureofgreektown. 26. Greektown Casino 11. cess, the bankruptcy court will Ultimately, which ownership wordpress.com, in Win Awenen 27. Genmar Holdings “Many people believe we seek to sell the casino, most plan is selected will be decided Nisitotung, and via e-mail mes- (Carver, Four Winns boats) will be unable to retain any likely to the highest bidder to by the U.S. bankruptcy judge. sages.