Greektown Superholdings, Inc. Enters Into Offer Letter With New Chief Executive Officer Candidate

30-Year Gaming Veteran Brings Strategic Expertise

Mar 23, 2011, 08:00 ET from Greektown Casino-Hotel

DETROIT, March 23, 2011 /PRNewswire/ -- After an extensive national search, Greektown Superholdings, Inc. and its subsidiaries, which operate Greektown Casino and Hotel (together, "Greektown Casino-Hotel" or "Greektown"), announced an offer letter with Michael Puggi to fill their chief executive post.  Puggi brings more than three decades of casino operations expertise and experience and has held key management positions in multiple jurisdictions across the country including New Jersey, Iowa, Illinois, Mississippi and Nevada.  The offer is subject to the negotiation and execution of a mutually agreeable employment agreement and approval of Mr. Puggi by the Michigan Gaming Control Board and the City of Detroit.

"This is an exciting time for Greektown, and we are confident that, subject to obtaining the necessary regulatory approvals, Michael will take this company to new heights," said George Boyer, chairman of the board for Greektown Casino-Hotel.  "He holds an outstanding variety of experiences and successes across our business, and will bring exceptional value to our customers and our company."

In his new role, Puggi would be responsible for providing strategic leadership and direction to position Greektown Casino-Hotel as a premiere gaming and entertainment destination in Detroit.   Additionally, he would oversee day-to-day operations, property marketing, and the development of executive staff.  

"It's an honor to have been offered this position as the new President/CEO of Greektown Casino-Hotel.  I look forward to leading this team and moving the company forward," said Puggi.  "Greektown has a tremendous opportunity to make a real impact in this market.  Through current relationships, and those we will develop in the future, we will strengthen our bond with this community and give guests new and exciting reasons to visit us.  I am confident that great things are ahead."

During his career of over 30 years, Puggi has opened six gaming properties.  He joined Primm Valley Casino Resorts as the general manager of Buffalo Bill's in 1995.  After Primm's acquisition by MGM Resorts in 1998, Puggi held several progressive positions within the company including executive vice president, senior vice president and vice president/general manager.  In those roles, he helped guide the properties through a number of milestones, including renovations and expansions and the design and construction of two championship golf courses.  He was promoted to senior vice president of development in 2003 and led the company's exploration of gaming opportunities with the New York Racing Association.  He returned to operations in 2005 as president and chief operating officer with responsibility over eight of the company's off-strip hotel casinos.  In 2007 he joined Herbst Gaming, Inc. (HGI) as regional vice president where he managed seven of the company's fifteen casinos.

Greektown Hotel-Casino recruited Puggi for the position with assistance of executive search firm, Wurster Partners.

About Greektown Casino-Hotel

Greektown Superholdings, Inc. operates, through its subsidiaries the Greektown Casino-Hotel located at 555 E. Lafayette Boulevard in Detroit's Greektown Entertainment District.

Safe Harbor Statement

Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and may include, but are not limited to, statements about capitalization and performance of Greektown. All forward-looking statements involve risks and uncertainties. All statements contained herein that are not clearly historical in nature are forward-looking, and words such as "anticipate," "expect," "will," "continue," or other similar words or phrases are generally intended to identify forward-looking statements. Any forward-looking statement contained herein, in other press releases, written statements or documents filed with the Securities and Exchange Commission are subject to known and unknown risks, uncertainties and contingencies. Many of these risks, uncertainties and contingencies are beyond Greektown's control, and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect such forward-looking statements, include, among other things, the ability to obtain the required regulatory approvals, the ability to execute a definitive employment agreement, general economic and business conditions, competitive conditions and ability to service indebtedness as well as those discussed more fully elsewhere in this release and in documents filed with the Securities and Exchange Commission by Greektown, particularly Greektown's prospectus filed pursuant to Rule 424(b)(3) on January 3, 2011. Any forward-looking statements in this release speak only as of the date of this release, and Greektown undertakes no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.

SOURCE Greektown Casino-Hotel



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