Greektown Casino: What do you think it's worth?

So I've been following some of the articles on Greektown Casino's bankruptcy court proceeding since June. It has a total of $780m of debt, $500m of that is secured. One of the free articles in Crain's posts half a dozen bidders with Tom Celani of Novi as the most likely winner, but makes no mention of how much the casino's worth or what kind of bid he's putting together. http://www.crainsdetroit.com/article...FREE/907299990

Any insider's want to elaborate on what they think Greektown Casino's worth? These bidders have to be basing its value for their bids on something. If they're low ball bids, I'm surprised Trump isn't throwing in a bid after buying back three of his former money losing casinos in Atlantic City a few weeks ago..

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Originally Posted by davewindsor

So I've been following some of the articles on Greektown Casino's bankruptcy court proceeding since June. It has a total of $780m of debt, $500m of that is secured. One of the free articles in Crain's posts half a dozen bidders with Tom Celani of Novi as the most likely winner, but makes no mention of how much the casino's worth or what kind of bid he's putting together. http://www.crainsdetroit.com/article...FREE/907299990

Any insider's want to elaborate on what they think Greektown Casino's worth? These bidders have to be basing its value for their bids on something. If they're low ball bids, I'm surprised Trump isn't throwing in a bid after buying back three of his former money losing casinos in Atlantic City a few weeks ago..

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With all the money I lost in that joint, I should be a part-owner.

Just FYI, Tom Celani lives in Bloomfield Hills, not Novi. My parents live in his neighborhood.

I'm pretty sure that the local papers have given ballpark estimates of the expected bids. There are two or three expected bidders, I think?

Yes, Celani is in Bloomfield Hills.

As for how much the casino is worth: judging from the architectural appeal, I'd say about $450.