The owners of Greektown Casino in Detroit have less than a month to sell a stake in the casino or they could be forced the sell the casino, the Detroit Free Press reported.

State gaming regulators gave Greektown Casino's owners until April 30 to find a partner to help finance the completion of a permanent casino, including a hotel.

The Michigan Gaming Control Board said it would not waive its right to put the casino up for sale if the owners don't come up with the money.

"We've gone out of our way by giving them extensions," said Damian Kassab, chairman of the board, which met Tuesday. "I hope they turn around. That's our main goal -- to see a successful, safe operation. To the extent that casino may not be operated at the best level, that's a concern."

Greektown was the last of Detroit's casinos to open in 1996, and although profitable, it has consistently been the poorest performer.

It is facing increased competition from its competitors -- the MGM Grand Detroit and MotorCity casinos. MGM Grand Detroit opened its permanent facility in October, and MotorCity is mostly open. Greektown projects it will open its permanent complex in early 2009. It will include a 30-story, 400-room hotel and expanded gaming space.

Greektown spokesman Brian Brown said the casino is negotiating with several parties who would buy a significant stake in the casino. He would not name them.

"We are confident these negotiations will produce a positive outcome very soon," Brown said after the gaming board meeting.

The partner would provide the casino owners with up to $79 million the casino needs under its 2007 financial requirements.

Greektown, whose majority owner is the Sault St. Marie Tribe of Chippewa Indians, was short of required income levels, or income-to-debt ratios, in 2007, and projects it will not make them in 2008, either. The gaming board monitors the ratios, which are different for each of the city's three casinos, to ensure the casinos meet financial obligations.

"We treat them individually," Kassab said. "We know there are special circumstances, but we expect a certain level of performance and commitment in hard dollars. We haven't had to get into covenant issues with other casinos because they have been operated in a more financially sound manner."

A deal with Detroit businessman Tom Celani, a previous investor in MotorCity, fell through last month, Brown said.

"If that transaction had been completed, we would not be here today," Brown said.

--Staff reports