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DETROIT CASINO RENOVATION
Greektown Casino-Hotel scales back $150 million renovation to $25-50 million in improvements

Reported by: Associated Press
Reported: Tuesday, May 27, 2014 6:54 AM EDT
DETROIT


Greektown Casino-Hotel in downtown Detroit is scaling back a $150 million renovation plan to work totaling $25 million to $50 million.

The Detroit News reports the update more than a year after Cleveland Cavaliers owner and Quicken Loans founder Dan Gilbert took control of the casino comes in a recent filing with the Securities and Exchange Commission by his Athens Acquisitions LLC.

Improvements by the second half of 2015 are to include new slot machines, carpets, and heating, ventilation and air conditioning work.

Rock Ventures spokeswoman Jennifer Kulczycki says the renovations seek "an immediate impact."

Alex Calderone, a casino restructuring expert with Birmingham-based Calderone Advisory Group LLC, says Detroit's gambling market is saturated. The city's three casinos have seen increased competition from Ohio casinos as well nearby Windsor, Ontario.

Information from: The Detroit News, http://detnews.com/










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