Pete Waldmeir

Poetic justice?

Is it only me, or are there others out there in bloggerland who think it's poetic justice that a Detroit casino is declaring bankruptcy?

Now they know how it feels, right?

The gambling joint in question is the Greektown Casino, the first and the smallest of the city's three gaming houses. Greektown is up to its crap tables in debt, owes $314 million and needs another $150 million to pay contractors who are threatening to stop construction on a new casino hotel that, once finished, is expected to keep the owners from rolling snake eyes for the last time.

What happened? Casinos are supposed to be cash cows, right? Large sums of money roll in and small sums of money roll out. Alas, Detroit's three money-mills are the only places in town where you can arrive in a $6,000 junker car and go home in a $220,000 bus.

The house never loses, right? Well, not so fast.

Ironically, Greektown was the original home of the gaming revolution in Detroit. The architects of the new-at-the-time industry were Greektown entrepreneurs Ted Gatzaros and Jimmy Pappas, who galvanized support of local,state and national politicians to carve out Native American land in an urban setting then wooed the Sault Ste. Marie Band of Chippewa Indians to come to town and stock it with slots and card tables.

Also ironically, Pappas and Gatzaros couldn't get approved for licensed ownership before the grand opening because (more irony) they had some bad back debts of their own at the time and couldn't pass muster with the state gaming board.

They did own much of the casino property, an adgacent hotel and several restaurants, however. And they did manage a lush cash settlement.

Frankly, I have no feeling one way or the other for casino gaming. I just mail them a few bucks every month. That way I don't have to waste my time and gasoline driving downtown, finding a place to park, paying too much for a beer and fighting the crowds and the smokers.