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Greektown Casino Announces Hiring of New Management Consultants

Posted on: Monday, 5 January 2009, 15:56 CST

DETROIT, Jan. 5 /PRNewswire/ -- A Las Vegas-based consulting firm led by casino industry veterans who have worked with more than 200 gaming properties across the world has been retained to provide comprehensive operations and marketing consulting at Greektown Casino, pending necessary approvals.

Greektown Casino has executed an Engagement Letter with The Fine Point Group, which will be responsible for improving operations and boosting profitability. The Fine Point Group is renowned for its expertise in strategic casino management, customer relationship marketing, loyalty program development, property turnarounds, and other aspects of casino operations. The firm's engagement is pending approvals from the Michigan Gaming Control Board and the U.S. Bankruptcy Court in Detroit. Upon receiving approvals, three members of the firm will assume the interim roles of CEO, General Manager, and Vice President of Marketing, with full decision-making authority.

"We are proud to have been chosen for this opportunity to partner with Greektown Casino, a property with tremendous potential in a city of history, pride, culture and economic importance," said The Fine Point Group's Managing Director Randall A. Fine. "We will work with all parties to improve the competitiveness and profitability of Greektown Casino and to position the property for far greater success."

Led by Fine and other casino veterans, The Fine Point Group has worked in virtually every major casino market worldwide -- from five-star Las Vegas strip properties to a 75-slot machine parlor near a subway station in the former Soviet Union. The firm believes each gaming market has unique competitive and consumer pressures that demand a custom strategy, and over its history has been able to meaningfully "move the needle" in each of its assignments.

Fine is a former Vice President of Total Rewards and Product Marketing and Vice President of Slots and Total Rewards Operations at Harrah's Entertainment, the world's largest gaming company. He is the sole named inventor of the U.S. patent backing the gaming industry's leading loyalty system and was responsible for more than 40,000 slot machines that drove $4 billion in annual revenues. He left Harrah's to join Carl Icahn's casino company, where in less than 18 months he dramatically increased revenues -- while decreasing marketing expenses -- at all four of Icahn's casinos, and helped position those properties for sale at a $1 billion profit to Goldman Sachs. Fine, who founded The Fine Point Group in 2005, has also worked at McKinsey & Company, Lehman Brothers, and for the U.S. House of Representatives. He taught Economics at Harvard College and holds his undergraduate degree magna cum laude, and his MBA degree, with high honors, from Harvard University. Upon regulatory approval, Fine will be named the acting Chief Executive Officer of Greektown Casino.

On this assignment, Fine will be joined by a team from The Fine Point Group, two of whom will be on-site full-time. The team will include former executives of Harrah's Entertainment, MGM MIRAGE, Colony Capital, Station Casinos, and Isle of Capri Casinos. For more information on The Fine Point Group, please visit thefinepointgroup.com.

Engaging The Fine Point Group is the second significant action taken by Greektown Casino in the past 30 days to improve operations and competitiveness. In December, the casino announced changes to its Management Board. Pending approval from the Sault Ste. Marie Tribe of Chippewa Indians, owners of Greektown Casino, three business executives with significant casino gaming, hospitality industry, and reorganization experience will join the Management Board. The Fine Point Group and the new five-member Management Board will work with Greektown's legal and restructuring advisors to guide the property through its Chapter 11 reorganization, a process that began in May 2008 and is expected to continue through exit in no later than September this year.

Next month, Greektown Casino will open its new 400-room Greektown Casino-Hotel. The hotel is now accepting room reservations and event bookings. For reservations and group events, call 877-GCH-5554.

Late last month, the casino opened its new International Buffet. In November, the casino opened its new high-limits gaming area, luxurious accommodations for guests seeking more discrete gaming with the opportunity to play at a higher level of excitement.

Located at 555 E. Lafayette Avenue in Detroit's Greektown Entertainment District, Greektown Casino-Hotel opened on Nov. 10, 2000. Readers of The Detroit News and Detroit Free Press have voted Greektown Casino-Hotel Michigan's and Detroit's "Best Casino" numerous times.

In addition to being named "Best Casino" by readers of The News and Free Press, Greektown Casino-Hotel also placed first in other categories in The News' reader survey, including "Best Slots," "Best Wait Staff Outfits," "Best Craps Tables," "Best Blackjack Tables," "Best High Rollers Area," "Best Casino Restaurant," and "Best Casino Entertainment."

SOURCE Greektown Casino

Source: PR Newswire

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