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Tom Celani buys stake in Detroit's Greektown Casino

 Casino developer Tom Celani has bought a 22% stake at Greektown Casino in Detroit.

Tom Celani buys stake in Detroit's Greektown Casino Tom Celani, veteran casino developer, has bought a 22% stake in the Detroit's Greektown Casino from the Sault Ste. Marie Tribe of Chippewa Indians. The tribe will remain an owner of a total of 75% of the casino after to the purchase. It was also announced that Celani will become the director of the casino, as well as hold a seat on the management board. To be finalized, the deal requires the approval of the Michigan Gaming Control Board. According to reports, Celani is paying cash for the deal.

 Tom Celani has a long standing ties to Michigan gambling, in the past he was one of the investors in Detroit's MotorCity Casino and has managed casinos in California, Nevada and Oklahoma. Greektown casino remains the smallest of the three Detroit casinos, in term of market share.

 Published on 02/01/2008

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