Detroit, Mich. — Greektown Superholdings, Inc. (the “Company”) announced that it has completed its previously announced land transaction with Wayne County (the “County”). The Company sold a 7.2 acre parcel, to the County, currently used as a municipal parking lot. And simultaneously purchased from the County a 1.1 acre parcel, currently used by the County as the sheriff headquarters. The Company also received cash consideration. It is expected that the acquired parcel will be used to construct a parking facility for patrons of Greektown Casino, subject to obtaining the required financing and regulatory approval.
Michael Puggi, Chief Executive Officer of the Company, stated: “We are thrilled that this opportunity arose. It provides us with a key parcel, right across the street from Greektown Casino, which will be ideal for a parking facility. We are also pleased that the parcel we sold to the County, which was not critical to the Casino, will fulfill a critical County need.”