Wow: Greektown to lose $15.9million?

There is this piece of news you may find intriguing! Detroit News media source has reported on: Greektown Casino’s ‘not- so- great’ situation.
Apparently, a financial adviser for the gambling facility told a state panel that the casino company is expected to lose about $15.9 million this year. How come? Well, although there has been no official position regarding the current situation, it seems that its bottom line absorbs $13.5 million due to major bankruptcy restructuring costs and another $51 million in loan interest payments. Wow!
The same media source said that a financial consulting firm working on Greektown's reorganization, namely Mr. Charles Moore of Conway MacKenzie & Dunleavy has told members of the Michigan Gaming Control Board: "'Most of this loss is related to the bankruptcy restructuring costs. Significant debt payments are also a factor."
In addition, as Greektown's financials board meeting was called specifically to discuss emergency financing for the casino, the crisis might be quite severe. Moreover, it has been rumored that Greektown is seeking a total of $150 million in financing and that a remainder in this regard will come before the bankruptcy court at a later date.
Detroit News has also said that Greektown also revealed its specific terms for a bankruptcy exit, which, Moore explained it would happen 'sometime in 2009.' He has also said that by Feb. 29, Greektown will have to seek bids for a sale of the completed casino-hotel complex or financing sufficient to exit bankruptcy and final offers would be due by June 1. Shocking news you may say, although analysts have predicted lots of situations of this kind, due to US’s economical malfunctions.
Overall, things seems to be going six feet under for Greektown, as according to bankruptcy court records, the company has projected 2008 loss comes after a $2 million profit on revenues of $314.6 million in 2007. However, they say the expected loss won't affect wagering taxes paid to the state of Michigan and city of Detroit, because those are based on revenues, not profits.
What’s even surprising is the speed of the bankruptcy procedures. Imagine! Moore said a deal with Entertainment Interests Group to buy a 40 percent interest in Greektown may fall through." Gee, I wonder why!
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