The two-year bankruptcy saga of Detroit's Greektown Casino Hotel could be nearing an end. Under a plan approved last month, a group of bondholders that invested in the casino prior to its bankruptcy will end up with most of the equity and the operations.

A new seven-member board of directors was also announced that will oversee operations at the casino. And a new management company, Warner Gaming of Las Vegas, will be responsible for day-to-day operations. Warner is controlled by former Station Casinos executive Bill Warner.

Greektown had been managed by the Fine Point Group until the end of 2009, and the former board had appointed Isle of Capri Casinos to operate the property, a proposal that was rejected by the court.

In the meantime, the casino is being run by the casino's former owner, the Sault Ste. Marie Tribe of Chippewa Indians, until the final details of the agreement are hammered out at a February hearing.

The new ownership of the casino will be split between four firms: MFC Global Investment Management, New York-based Oppenheimer Funds Inc., New York-based Brigade Capital Management, and New York-based Solus Alternative Asset Management. The exact percentage of ownership has not yet been revealed.

All companies must be licensed or receive a license waiver by the Michigan Gaming Control Board before the deal is finalized.

The seven board members include several people who have had previous gaming experience in Detroit, including George Boyer, the former president and COO of MGM Grand Detroit, and Yvette E. Landau, the former chief legal counsel for the Mandalay Resort Group.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.