And that affects the price. For Ted Gatzaros and Dimitrios Papas, giving up their shares would mark the end of an eight-year dream of owning a casino in the Greektown business district they dominate. Although a sale would make them instant millions, it cannot compare to a lifetime that 40 percent ownership stake in a casino could bring. But selling an initial casino stake doesn't always mean an investor is out for good. Three MGM Grand investors assigned their interest to the other local partners in the group and are expected to reapply for a license this year.
State regulations provide a mechanism for casino investors to structure a transaction in that way.
It gives investors the opportunity to disclose past blemishes they may have neglected the first time around. And it allows investors to defend their individual cases. And I'm not out. I'll be back. The additional shares were purchased from local investors before the state license was granted.