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