Sault Tribe responds to Greektown rumors

NEWS RELEASE

GREEKTOWN CASINO

************************* Greektown Casino sets record straight

DETROIT, MI - (November 18) - The following can be attributed to Joe McCoy, chairman, Greektown Casino management board.

McCoy is commenting on recent developments and reports of Greektown Casino’s Chapter 11 reorganization:

"Contrary to certain exaggerated claims you may have read or heard in the news media, Greektown Casino is open for business, will continue to be open for business, and is not in danger of 'running out of cash' and 'closing in December.'

"Such claims are false.

"It is widely known that in May, Greektown Casino filed for Chapter 11 bankruptcy protection, a process that allows a company to continue operating normally while reorganizing its business debt and business plan.

"Hundreds of the nation's and Michigan's largest companies are now in Chapter 11 or teetering toward it.

"Chapter 11 cases are always complicated and often contentious.

"During high-profile Chapter 11 cases, incomplete, false or speculative information finds its way into the news media.

"Again, claims made this week in the Greektown Casino case that we are 'running out of cash' and about to close or unable to pay the construction company building our new hotel are speculative and false.

"Next Friday, we will open Greektown Casino's renovated VIP gaming area.

"In early February, we will open our 400-room Greektown Casino-Hotel.

"In recent months, many of the nation's most venerable companies have failed due to the world economic crisis and other economic circumstances.

"Greektown Casino, like an increasing number of gaming and other companies, is also working through difficult and significant financial issues."

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