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Greektown Casino Reports Negative Profit Taking for the Month of June 2008

On July 11th, 2008, Greektown Casino's profits slide down to its lowest level since 2001, the first full year since the casino facility opened for business. The casino establishment, which filed for Chapter eleven bankruptcy protection on May 29th, 2008, reported profits of $23.2 million for the month of June, the lowest among the three casinos of Detroit. Greektown casino reported 23.2 million, drop from $28.5 million in June 2007.

Greektown spokesperson Roger Martin commented that their customers have a false perception that the facility will shutdown immediately after they have filed for Chapter 11 bankruptcy on May. Martin said that the fact is that they are still open even with the bankruptcy protection, the winners still receiving their winnings without any problems and they encourage players to visit the casino and play all of the games. He added that the construction on I-375 has ended, making the facility more accessible to customers.

Only the MGM Grand Detroit's profits improved. It reported a $48.7 million in June, up from $38.6 million of June 2007. Profits for the Motor City were also in the negative level this June over the same period last year. It reported $38 million, down from $42.3 million in June 2007.

07/22/2008 04:11 PM

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