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New Bankruptcies from Michigan!

posted by John Pottow

I forgot to alert Credit Slips readers last month about an exciting new chapter 11 here in Michigan. No, not an auto parts supplier, and no, not (not yet) one of the Big Three. It's the Greektown Casino, in good ol'  Detroit. If mayoral sex scandals aren't enough to distract you from a floundering economy, apparently neither is the escapist joy associated with emptying your wallet pursuant to a random (but certainly sloped) dissipation curve. (By the way, did "gambling" change to "gaming" the same time "debt" changed to "credit"?) And for the curious, the Greektown casino is not run by Greeks but another ethnicity with an established tradition of running casinos.

And yes, there's currently a casino expansion project underfoot (about $500 million at last count).

Comments

Wow! Casinos going bankrupt and it's not ole' "Donald"? What is this world coming to? Makes sense though. Loss of jobs = Loss of discretionary income = no money to gamble. Higher costs than original projections on construction..... ya, I can see it.

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