1.31.08
New investor to be president of Greektown Casino operations
By Daniel Duggan
Former MotorCity Casino investor Tom Celani announced plans to acquire a 22 percent stake in the Greektown Casino.
Upon approval by the Michigan Gaming Control Board, Celani would become president of casino operations.
“I’m excited to be involved in the operations here,” he said during a press conference. “In fact, that’s something that we negotiated. I wanted to be involved, not just sitting on the sidelines.”
The move is aimed at improving management of the casino and bolstering its financial situation, said Tom Miller, chairman of the Greektown Management Board and an elected member of the board of directors for the Sault Ste. Marie Tribe of Chippewa Indians, a majority owner of the casino.
“This is something the tribe has been seeking for a long time,” he said. “Finally, we found someone who is a perfect fit, with expertise and a history in the area.”
With Celani’s 22 percent stake, the tribe now owns 75 percent of the casino operations.
Ted Gatzaros, one of the founders of Greektown who sold his stake in 2000, recently acquired a 1 percent stake in the casino. The remaining shares are owned by Marvin Beatty.
Miller said there are no other investors expected to be involved in the near future.
Celani, 51, of Bloomfield Hills, has significant gaming experience among his many professional endeavors.
In 1995, he partnered with a Michigan tribe to develop Little River Casino Resort in Manistee. He also has developed and managed casinos in California and Oklahoma as well as commercial casinos in Nevada and Colorado.
Celani was an owner of MotorCity Casino from 2000 to 2005 before selling his stake when co-owner Mandalay Bay merged with MGM.
He also owns Farmington Hills-based MotorCity Harley-Davidson and Bloomfield Hills-based MotorCity Power Sports, and is president of Novi-based Luna Entertainment. Celani is also proprietor of TC Vineyards Inc. in Napa Valley, Calif.
A stepped-up marketing effort at the casino is on the agenda for Celani. He also wants the casino to be involved with more corporate partnerships and to be more involved with the effort to expand Cobo Center.
“I’ll get engaged with the politics because the casino needs to play a role in that,” he said.
Asked if the casino should help pay for the project, he said “I’d never close the door on that.”
“The expansion is important to all three casinos and they should be involved,” he said.
By Daniel Duggan
Former MotorCity Casino investor Tom Celani announced plans to acquire a 22 percent stake in the Greektown Casino.
Upon approval by the Michigan Gaming Control Board, Celani would become president of casino operations.
“I’m excited to be involved in the operations here,” he said during a press conference. “In fact, that’s something that we negotiated. I wanted to be involved, not just sitting on the sidelines.”
The move is aimed at improving management of the casino and bolstering its financial situation, said Tom Miller, chairman of the Greektown Management Board and an elected member of the board of directors for the Sault Ste. Marie Tribe of Chippewa Indians, a majority owner of the casino.
“This is something the tribe has been seeking for a long time,” he said. “Finally, we found someone who is a perfect fit, with expertise and a history in the area.”
With Celani’s 22 percent stake, the tribe now owns 75 percent of the casino operations.
Ted Gatzaros, one of the founders of Greektown who sold his stake in 2000, recently acquired a 1 percent stake in the casino. The remaining shares are owned by Marvin Beatty.
Miller said there are no other investors expected to be involved in the near future.
Celani, 51, of Bloomfield Hills, has significant gaming experience among his many professional endeavors.
In 1995, he partnered with a Michigan tribe to develop Little River Casino Resort in Manistee. He also has developed and managed casinos in California and Oklahoma as well as commercial casinos in Nevada and Colorado.
Celani was an owner of MotorCity Casino from 2000 to 2005 before selling his stake when co-owner Mandalay Bay merged with MGM.
He also owns Farmington Hills-based MotorCity Harley-Davidson and Bloomfield Hills-based MotorCity Power Sports, and is president of Novi-based Luna Entertainment. Celani is also proprietor of TC Vineyards Inc. in Napa Valley, Calif.
A stepped-up marketing effort at the casino is on the agenda for Celani. He also wants the casino to be involved with more corporate partnerships and to be more involved with the effort to expand Cobo Center.
“I’ll get engaged with the politics because the casino needs to play a role in that,” he said.
Asked if the casino should help pay for the project, he said “I’d never close the door on that.”
“The expansion is important to all three casinos and they should be involved,” he said.
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