Isle of Capri Casinos, Inc. (NASDAQ:ISLE) and the management board of Greektown Casino, LLC announced today that Isle of Capri has been engaged to provide marketing and operational consulting services to Greektown Casino-Hotel in Detroit, Michigan through the completion of its current Chapter 11 reorganization process.
The management board of Greektown Casino-Hotel also announced today that Cliff Vallier has been named as the property's chief executive officer, effective immediately. Both announcements are subject to approval from the U.S. Bankruptcy Court and the Michigan Gaming Control Board.
"This new leadership has the extensive experience and demonstrated ability necessary to boost the performance of the property over the long term," said Greektown Casino-Hotel Management Board member Jake Miklojcik. "As we look to the future and continue to seek opportunities to improve performance, maximize profits and minimize costs, Mr. Vallier and Isle of Capri know the Midwest market, they know casino management and they are positioned to take the property to the next level."
Vallier has 18 years of gaming management experience, including the past seven years with Greektown Casino, where he has served as chief financial officer/assistant general manager, interim CEO, vice president of finance, and senior director of finance. He earned a bachelor's degree in business administration from Northern Michigan University in 1988.
Virginia McDowell, the president and chief operating officer of Isle of Capri, commented, "Our company recognizes that, even in this challenging economic environment, we have the opportunity to provide services to gaming assets in new and existing markets in order to leverage our operational expertise while having a positive impact on our balance sheet. We firmly believe in the upside potential at Greektown, and the team now in place has the skills and experiences to help guide the management through the remainder of their reorganization."
