Thursday, November 05, 2009

Detroit Risks Hemorrhage of Michigan Gamblers

On Tuesday, 11.03.09, Ohio voters approved casinos in Toledo and three other cities. State officials and gambling interests in neighboring Indiana and Michigan are worried that millions of dollars in gambling revenues — and taxes — are at risk

From the Associated Press:
"Nevertheless, gambling industry analyst Jake Miklojcik (mik-LOH'-jik) said Detroit risks a hemorrhage of Michigan gamblers as well as those who now visit
from Ohio."
See Complete AP story: Ohio casinos to hit Mich., Ind. gambling taxes

Tuesday, November 03, 2009

Ilitch casino development partner Michael Malik defaults on $1 million bank loan

Fifth Third Bank v. Michael J. Malik, Sr.

A complaint filed by Fifth Third Bank, a Michigan Banking Corporation, on 4.03.09 in the Oakland County (MI) Circuit Court, alleges that Detroit casino syndicator Michael J. Malik, Sr. is in default on a $1 million line of credit which was granted on 4.05.07 and had matured 9.01.08.

In total, Fifth Third Bank alleges Malik failed to repay total indebtedness of $992,499.48.

Malik is the casino development partner of Mrs. Marian Ilitch. Ilitch and her husband Mike Ilitch are co-owners of the Detroit Red Wings NHL franchise and founders of Little Caesars Pizza. Mike Ilitch owns the Detroit Tigers and Marian Ilitch is sole proprietor of Detroit's MotorCity Casino. Malik was once a partner in MotorCity Casino but was forced to sell his shares in the commercial gaming hall when he failed to receive a gaming license from the Michigan Gaming Control Board (MGCB). Over the last decade, Malik and Marian Ilitch been behind various controversial Native American casino proposals in CA, MI and NY.

In the last several years Malik has been charged in various legal matters including a fraudulent transfer case in Florida related to a $300 million SEC alleged Ponzi Scheme (Goldberg v. Malik); multiple counts of illegal political campaign finance activities in California (2006 & 2009) ; and illegal discharge of firearms in Arizona.

Fifth Third Bank v. Malik: Complaint (including promissory note)

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Google News: Indian Gaming

NEWS: Bay Mills Indian Community & Casino Proposals

NEWS: Shinnecock Indian Nation (Gateway Casino Resorts) Casino Proposals

NY Times: Shinnecock Indian Nation

NEWS: Los Coyotes Indian Tribe

NEWS: Los Coyotes / Barwest Barstow Casino Proposals

NEWS: Michael J. Malik, Sr.

NEWS: Marian Ilitch Mapping Social Networks

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certainly must reads!

Ilitch has backed loosing sports teams and pizza, but casinos in Detroit? 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 06.16.05 ● Ilitch Plans to Expand Casino Empire 07.05.05 ● Ilitch outbids partners 04.14.05 ● Ilitch enmeshed in NY casino dispute 03.20.05 ● Marian Ilitch, high roller 03.20.05 ● MGM Mirage to Decide on Offer for Casino in Detroit 04.16.05 ● Secret deal for MotorCity alleged 02.15.05 ● Los Coyotes get new developer 02.08.05 Detroit casino figure to finance Barstow project 07.07.03 ● Indian Band trying to put casino in Barstow 06.04.03 Pizza matriarch takes on casino roles 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 01.01.00 ● Detroit Team to run Michigan’s newest Indian casino 05.23.99 Tiger ties tangle Marian Ilitch 04.29.99 ● Three investors must sell their Detroit casino interests 04.25.99 ● Partners’ cash revived election; They say money was crucial to Prop-E 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 04.25.99 Can a pair win a jackpot?: local men hope to... 03.17.97

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