DETROIT, May 30, 2012 /PRNewswire/ --The addition of 850 spaces in a new valet garage at Greektown Casino-Hotel ("Greektown") that upon completion will significantly boost overall parking accessibility and capacity is part of the company's ongoing facility improvement program.
Planned for completion in the first quarter of 2013, the new valet garage will have access to the casino via an elevated, moving walkway that spans Monroe Street, and a location that facilitates quicker car retrieval times than the company's existing valet garage.
"Our new valet garage facility is expected to make visiting Greektown Casino-Hotel easier than ever before," said Michael Puggi, president and chief executive officer of Greektown Superholdings, Inc. "Access to the new garage will be convenient, and the moving walkway that directly connects the garage to the casino will allow our guests easy access to some of the best gaming in the Detroit area."
"Not only will we be able to better serve those who choose valet parking," continued Puggi, "but those who choose to self-park as well. The additional parking capacity introduced by the new valet garage will also increase availability of our existing self-park garage."
Construction of the new valet garage is underway, and represents one of several property improvements planned for Greektown Casino-Hotel. Among these improvements, is the addition of a fine-dining restaurant within the casino, designed to offer guests a distinctive dining experience.
"We're looking forward to these projects for a number of reasons, but first and foremost it will allow us to bring new customers to the property and offer more to our regular guests," said Puggi.
"We're also pleased to continue our investment in the city of Detroit. The planned improvements, including the new valet garage, are expected to employ over 200 workers in the city, and represent our ongoing commitment to the city's revitalization."
Amendment to Revolving Loan Agreement
On May 24, 2012, the Greektown Superholdings, Inc. (the "company") and Comerica Bank executed an amendment to the company's revolving loan agreement with Comerica Bank. The amendment, which had been approved by the Michigan Gaming Control Board earlier this month, increased the aggregate principal amount available under the facility by $15.0 million to $45.0 million, among other modifications. Any borrowings under the additional $15.0 million commitment are required to fund expenditures relating to the new valet parking facility, and are to be repaid in quarterly installments equal to 1/20th of the amount advanced, commencing on the earlier of July 1, 2013 and the first month after the parking facility's completion date. The interest rate applicable to borrowings under the $45.0 million commitment is equal to LIBOR plus 2.25% under the LIBOR option set forth in the agreement, provided that the company's leverage ratio remains in excess of 4.0:1.0. The amendment does not modify the term of the revolving loan agreement, which expires on December 30, 2013, unless renewed or extended
Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about capitalization and performance of Greektown. All forward-looking statements involve risks and uncertainties. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "anticipate," "expect," "will," "continue," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or documents filed with the Securities and Exchange Commission are subject to known and unknown risks, uncertainties and contingencies, including construction delays and competitive factors (such as the opening of new casinos in Ohio), and there can be no assurance that the expected benefits of our new projects will be realized. Many of these risks, uncertainties and contingencies are beyond Greektown's control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Any forward-looking statements in this release speak only as of the date of this release, and Greektown undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
About Greektown Superholdings, Inc.
Greektown Superholdings, Inc. operates, through its subsidiaries, the Greektown Casino-Hotel. Located in the heart of Detroit's Greektown Dining and Entertainment District, Greektown Casino-Hotel opened on November 10, 2000. Greektown Casino-Hotel offers such amenities as the International Buffet, Eclipz Lounge, Asteria, The Fringe, Shotz Sports Bar & Grill, Bistro 555 and a VIP lounge for players. Greektown Casino-Hotel opened its 400-room hotel tower in February 2009 and recently became the first Michigan casino to debut a smartphone application. For more information, visit greektowncasinohotel.com.
Safe Harbor Statement
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about capitalization and performance of Greektown. All forward-looking statements involve risks and uncertainties. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "anticipate," "expect," "will," "continue," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or documents filed with the Securities and Exchange Commission are subject to known and unknown risks, uncertainties and contingencies, including competitive factors (such as the opening of new casinos in Ohio). Many of these risks, uncertainties and contingencies are beyond Greektown's control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Any forward-looking statements in this release speak only as of the date of this release, and Greektown undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
SOURCE Greektown Superholdings, Inc.
