The Carpenters Pension Fund, Detroit & Vicinity, Troy, Mich., is among a group of four to eight pension funds negotiating to acquire partial interest in the new Greektown Casino, Detroit. A spokesman for the $1.2 billion carpenters fund did not name the other pension funds negotiating with two Detroit families who are selling their 40% interest in the casino. The Sault Ste. Marie Tribe of the Chippewa Indians owns the remaining interest in the soon-to-be-completed casino.
The Michigan Gaming Control Board on Wednesday delayed a vote on the sale until July 11 to give the parties time to complete negotiations. Pending board approval, a licensing hearing would start July 18.