1:42 p.m., Jul. 29, 2009
Casino investor Celani to file plan to buy Greektown Casino
By Daniel Duggan
Novi-based casino investor Tom Celani said he plans to file court documents Thursday to make a play for ownership of the Greektown Casino Hotel.
Celani, a former investor in the MotorCity Casino, has been public about his intentions to own a controlling stake in Greektown.
“This is something I’m very passionate about, and I believe, very strongly, that you need to have local ownership in that property,” said Celani, CEO of Novi-based Luna Entertainment .
During an interview, he said he plans to file an alternate plan of reorganization for Greektown as part of its bankruptcy restructuring process. Under that plan, he will eventually have a controlling ownership stake in the property.
Celani said that he is able to file the plan because he has been acquiring debt from Greektown investors recently, but declined to say how much of a stake he now has.
“I’ll say this: I have enough debt that I can file my own plan of reorganization,” he said.
The Sault Ste. Marie Tribe of Chippewa Indians is the last owner of the casino.
“The worst thing that can happen is that Greektown will be owned by a group of bankers,” Celani said. “Right now, I want the banks and the court to look at how to bring this property out of bankruptcy. Either the banks need to be licensed owners, or they need a partner or they need to sell it.
“My end goal is to be able to acquire it from the lenders.”
Casino investor Celani to file plan to buy Greektown Casino
By Daniel Duggan
Novi-based casino investor Tom Celani said he plans to file court documents Thursday to make a play for ownership of the Greektown Casino Hotel.
Celani, a former investor in the MotorCity Casino, has been public about his intentions to own a controlling stake in Greektown.
“This is something I’m very passionate about, and I believe, very strongly, that you need to have local ownership in that property,” said Celani, CEO of Novi-based Luna Entertainment .
During an interview, he said he plans to file an alternate plan of reorganization for Greektown as part of its bankruptcy restructuring process. Under that plan, he will eventually have a controlling ownership stake in the property.
Celani said that he is able to file the plan because he has been acquiring debt from Greektown investors recently, but declined to say how much of a stake he now has.
“I’ll say this: I have enough debt that I can file my own plan of reorganization,” he said.
The Sault Ste. Marie Tribe of Chippewa Indians is the last owner of the casino.
“The worst thing that can happen is that Greektown will be owned by a group of bankers,” Celani said. “Right now, I want the banks and the court to look at how to bring this property out of bankruptcy. Either the banks need to be licensed owners, or they need a partner or they need to sell it.
“My end goal is to be able to acquire it from the lenders.”
Luna Entertainment / Charlotte Beach
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