Thursday, December 01, 2011

Forbes Reports Ilitch-Owned Franchise one of NHL's Most Valuable

Detroit Red Wings Second  Most Profitable US Franchise;
 MotorCity Casino Workers Forced to Pay Own Healthcare Costs

Forbes' 2011 NHL Team Values
Forbes is out with its 2011 NHL Team Values: The Business of Hockey. Despite economic woes among other US sectors, Forbes reports the NHL valuations have hit an all-time high. The Detroit Red Wings, owned by Michael and Marian Ilitch, valued at $336 million, ranks #4 out of 30 NHL teams. That's up 7% over 2010.
Forbes Profile
Billionaire Michael Ilitch, through Olympia Entertainment, has a highly integrated and valuable entertainment empire. In sports, Olympia controls the Red Wings, Little Caesars AAA hockey club and baseball's Detroit Tigers, as well as their stadiums, Joe Louis Arena (hockey) and Comerica Park (baseball). Outside of sports, Olympia runs the Fox Theatre (over 4,800 seats), Cobo Arena and Hockeytown Cafe,voted the number two sports bar in the country week after week by ESPN2’s Cold Pizza. Olympia also owns food distribution businesses that Ilitch leverages at his stadiums and a casino in Detroit.
The Red Wings are a significant part of the annual marketing plan for the Ilitch-owned MotorCity Casino frequently making guest appearances and hosting star-studded poker tournaments. Unfortunately for the Ilitch bank the same isn't true for the Ilitch-owned Detroit Tigers baseball team. Given its history of scandals, Major League Baseball has specific regulations prohibiting the mingling of baseball and gambling interests.

The Ilitches realized a $16.3 million operating income from their NHL franchise this past season ranking it the #2 most profitable US franchise; and players and management continue to draw multi-million dollar paychecks. Ilitch continues to fuel up the Gulfstream Jet for the clan's personal travel and vacation in Boca Raton, FL. Their business partner paid $5.4 million cash for a New York Penthouse. Those aren't the circumstances for the hardworking staff at MotorCity Casino. In a labor negotiation that took place earlier this Fall, the Ilitch gambling hall workers were told to start paying some of their own healthcare costs or face job loses.

#Occupy Ilitch Holdings, Inc.

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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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