10.22.07Gatzaros awarded a 1 percent stake in Greektown Casino
Joel J. Smith / The Detroit News
DETROIT -- After nearly 10 years of investigating Greektown businessman Ted Gatzaros, the Michigan Gaming Control Board today awarded him partial ownership in a Detroit casino.
By a unanimous vote, the board approved Gatzaros' application to become a 1 percent owner in Greektown Casino. Before the vote, board members said they could find no reason to reject the request.
Gatzaros left the board meeting smiling but declined to comment.
Gatzaros and his partner Jim Pappas were instrumental in pushing casino gambling in Detroit in the 1990s. After voters approved casino gambling in a statewide referendum, Detroit awarded the pair one of three casino licenses.
Following an investigation, however, the Gaming Board indicated a license to the pair would not be approved. Gatzaros and Pappas ultimately ended up selling their interest to the Sault Ste Marie Tribe of Chippewa Indians.
Under that sale agreement, the Tribe promised to sell a 4 percent interest in the casino and split the money between Gatzaros and Pappas. However, the agreement did not include a timetable for the sale.
With the board's decision today, Gatzaros has agreed instead to take 1 percent ownership in the casino.
Pappas was not a party to the license application approved today.
Gaming Board investigators raised a red flag with the board several years ago because Gatzaros had tax problems; they have since been resolved. Robert Young, an attorney representing Gatzaros, said that his client has never been convicted of a felony or misdemeanor and received his last traffic ticket 30 years ago. He said the Gaming Board has talked to virtually everybody who has known Gatzaros in five states and two countries -- Greece and Argentina -- but found nothing wrong.
You can reach Joel J. Smith at (313) 222-2556 or jsmith@detnews.com .
Joel J. Smith / The Detroit News
DETROIT -- After nearly 10 years of investigating Greektown businessman Ted Gatzaros, the Michigan Gaming Control Board today awarded him partial ownership in a Detroit casino.
By a unanimous vote, the board approved Gatzaros' application to become a 1 percent owner in Greektown Casino. Before the vote, board members said they could find no reason to reject the request.
Gatzaros left the board meeting smiling but declined to comment.
Gatzaros and his partner Jim Pappas were instrumental in pushing casino gambling in Detroit in the 1990s. After voters approved casino gambling in a statewide referendum, Detroit awarded the pair one of three casino licenses.
Following an investigation, however, the Gaming Board indicated a license to the pair would not be approved. Gatzaros and Pappas ultimately ended up selling their interest to the Sault Ste Marie Tribe of Chippewa Indians.
Under that sale agreement, the Tribe promised to sell a 4 percent interest in the casino and split the money between Gatzaros and Pappas. However, the agreement did not include a timetable for the sale.
With the board's decision today, Gatzaros has agreed instead to take 1 percent ownership in the casino.
Pappas was not a party to the license application approved today.
Gaming Board investigators raised a red flag with the board several years ago because Gatzaros had tax problems; they have since been resolved. Robert Young, an attorney representing Gatzaros, said that his client has never been convicted of a felony or misdemeanor and received his last traffic ticket 30 years ago. He said the Gaming Board has talked to virtually everybody who has known Gatzaros in five states and two countries -- Greece and Argentina -- but found nothing wrong.
You can reach Joel J. Smith at (313) 222-2556 or jsmith@detnews.com .
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