Isle Of Capri Services No Longer Required By Greektown
Isle of Capri Casinos (ISLE: 7.28 -1.36%) cancels contract with Greektown, almost one month after announcing a management deal to provide marketing and operational services to the bankrupt casino.
The management deal was pending approval from the bankruptcy judge and Michigan gaming regulators.
However on January 22 the bankruptcy judge approved a plan to reorganize Greektown casino under new ownership and management and exit from bankruptcy, rendering the management deal unnecessary.
“In light of the recent confirmation of the plan of reorganization and Greektown’s expected exit from bankruptcy in the coming months, it became clear to our company and Greektown that the short-term transitional consulting services that we were to provide may not represent the most expeditious course of action for Isle of Capri or Greektown Casino. Moving forward, Isle of Capri remains committed to its belief that it can have a positive impact on existing properties and its own balance sheet by utilizing the extensive experience of its management team through management and consulting contracts in gaming markets across the United States.”
The gaming company has not yet released any information surrounding the future of Robert C Wyre, who was hired in January to serve as Vice President responsible for leading the company’s services at the Greektown Casino and Hotel.
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