Monday, September 15, 2008

Summer not good for Ilitch's MotorCity Casino; revenues drop 6.5%


According to revenues reported to the Michigan Gaming Control Board (MGCB), MotorCity Casino's revenues for Summer 2008 (Jun-Aug) were down 6.5% over Summer 2007; a cummulative drop of $7,360,114.51 in reported revenue for the period. In June alone, revenues fell 10%.

Given Moody's and Standard & Poor's have both previously indicated concerns that MotorCity Casino's parent company CCM Merger, Inc. was over leveraged and reflected those concerns by downgrading the entity's credit ratings during the last year; the 6.5% drop in Summer revenues would understandbly be of renewed concern to investors and creditors who are owed upwards of $1 billion -- especially if either Moody's or Standard & Poor's were to downgrade CCM Merger's credit ratings again.

Summer 2007 - cummulative revenue: $126,101,544.42
Summer 2008 - cummulative revenue: $118,741,429.91

It appears the bump in revenues that Marian Ilitch's Detroit gambling hall realized after she opened its expanded gaming floor (25% larger) in June 2007 hasn't been sustained during 2008 -- not even with the November 2007 addition of a 400-room luxury hotel and other amenities to the casino resort property.

In recent months, Ilitch has leveraged her family's affiliated foundation, sports teams and other businesses in a desperate attempt to pull out all the stops and drive traffic to MotorCity Casino -- but even that hasn't helped sustain revenues.

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Ilitch has backed loosing sports teams and pizza, but casinos in Detroit? Forbes.com 10.09.06 ● Marian Ilitch #1 on "25 Most Powerful People" to Watch 2006” global gaming business o1.oo.o5 ● My Kingdom for a Casino Forbes 05.08.06 ● Big Lagoon’s casino dream awakens north coast journal 07.28.05 ● Shinnecocks launch legal claim to Hamptons land newsday.com 06.16.05 ● Ilitch Plans to Expand Casino Empire RGTonline.com 07.05.05 ● Ilitch outbids partners MichiganDaily.com 04.14.05 ● Ilitch enmeshed in NY casino dispute detnews.com 03.20.05 ● Marian Ilitch, high roller freep.com 03.20.05 ● MGM Mirage to Decide on Offer for Casino in Detroit rgtonline.com 04.16.05 ● Secret deal for MotorCity alleged freep.com 02.15.05 ● Los Coyotes get new developer desertdispatch.com 02.08.05 Detroit casino figure to finance Barstow project LasVegasSun.com 07.07.03 ● Indian Band trying to put casino in Barstow signonSanDiego.com 06.04.03 Pizza matriarch takes on casino roles detnews.com 10.23.02 ● Vanderbilt gets short straw in negotiations for a casino Lansing Journal 10.06.02 ● Indians aim to drive family from tribe in vicious dispute san diego union tribune 04.09.00 ●Malik owns 2000 Michigan Quarter Horse of the Year Michigan.gov 01.01.00 ● Detroit Team to run Michigan’s newest Indian casino detnews.com 05.23.99 Tiger ties tangle Marian Ilitch detnews.com 04.29.99 ● Three investors must sell their Detroit casino interests gamblingmagazine.com 04.25.99 ● Partners’ cash revived election; They say money was crucial to Prop-E detnews.com 04.25.99 Investors have troubled histories las vegas review journal 04.27.99 ● Investor served probation for domestic assault on 12 year old boy detnews.com 04.25.99 Can a pair win a jackpot?: local men hope to... crainsdetroit.com 03.17.97

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