Tuesday, December 09, 2008

Ilitch Holdings & MotorCity Casino: what's the true relationship?

What is the true relationship between Ilitch Holdings, Inc. and MotorCity Casino?

Consider that Ilitch Holdings, Inc. is headquartered at 2211 Woodward Ave., Detroit, Michigan. Marian Ilitch holds numerous business titles in most all of her family’s business enterprises, chief of which is vice chairwoman of Ilitch Holdings, Inc. John Kotlar, an attorney, is vice president of tax affairs at Ilitch Holdings.

An 8-K filed with the Securities and Exchange Commission (SEC) by MGM Mirage on 3.25.05 for the period ended 3.22.05 included an exhibit (EX-10.2) represented to be correspondence from Marian Ilitch, as representative for CCM Merger, Inc., making certain representations to MGM Mirage. The correspondence from Ilitch (CCM Merger, Inc.) was represented on Ilitch Holdings, Inc., letterhead.

An Agreement and Plan of Merger among various parties including Mandalay Resort Group and CCM Merger, Inc., and dated 3.25.05, notes that correspondence if to CCM Merger, Inc., should be directed to the attention of Marian Ilitch c/o Ilitch Holdings, Inc.

Marian Ilitch, vice chairwoman of Ilitch Holdings, Inc., is president of CCM Merger, Inc. John Kotlar, Ilitch Holdings’ vice president of tax affairs, is resident agent for CCM Merger, Inc. The registered office for CCM Merger is recorded at 2211 Woodward Ave.

CCM Merger, Inc. is likely the parent of IH Gaming, Inc., which has been identified as a “gaming investor” and is the survivor of a merger with Circus Circus Michigan, Inc. Ilitch is president of IH Gaming. Kotlar is designated as resident agent for IH Gaming.

Ilitch is also president of Atwater Management Corporation, the manger of Atwater Casino Group, LLC. Kotlar is designated as resident agent for both entities. The addresses of both entities are recorded at 2211 Woodward Ave.

Atwater and IH Gaming are likely members of Detroit Entertainment, LLC, which does business as MotorCity Casino. Ilitch controls both members.

Reuters and others have identified Christopher Ilitch, CEO of Ilitch Holdings, Inc., as a member of MotorCity Casino’s Management Committee.

On 9.21.07, the Michigan Gaming Control Board voted to approve a key man gaming license at Detroit Entertainment, LLC, for Christopher Ilitch.

A report published on 4.25.05 by Thompson Financial Mergers & Acquisitions was titled “Ilitch Holdings, Inc. acquires MotorCity Casino from Tracinda Corp.”

Westlake Securities, a mergers and acquisitions consultant to the Atwater Entertainment Associates which held membership interest in Atwater Casino Group, published a report indicating his client sold its interest in MotorCity Casino to Ilitch Holdings, Inc., for more than $106 million.

BusinessWeek's profile of CCM Merger, Inc. reads, "CCM Merger, Inc. owns and operates a casino in Detroit, Michigan. The company was founded in 2005 and is based in Detroit, Michigan. CCM Merger, Inc. operates as a subsidiary of Ilitch Holdings Inc."

A Notice of Public Offering distributed by Deutsche Bank and Merrill Lynch on 7.11.05 to raise capital for Ilitch-owned CCM Merger, Inc., read, "...to fund the April 2005 acquisition of 75% interest in MotorCity not controlled by CCM's principal shareholder, Marian Ilitch, co-owner of the Detroit Red Wings, the Detroit Tigers and Little Caesars Pizza."

A corporate profile for the Detroit Tigers, Inc. by Hoover's reads, "The baseball franchise is part of Ilitch Holdings, owned by Mike and Marian Ilitch. The Ilitches, who bought the Tigers in 1992, also own the Detroit Red Wings hockey team, part of MotorCity Casino, and Little Caesar Enterprises."

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certainly must reads!

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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