Showing posts with label Revenues. Show all posts
Showing posts with label Revenues. Show all posts

Wednesday, December 21, 2011

CA Tribes & Alliance First Major Contributors to Gov. Jerry Brown's Tax Initiative





California tribes give $275,000 to Gov. Jerry Brown's initiative
12.20.2011

By Kevin Yamamura
California gambling tribes have given $275,000 toward Gov. Jerry Brown's new 2012 ballot initiative to raise taxes on sales and the wealthy, the first known major contribution to his effort.

The California Tribal Business Alliance and two of its member tribes have written checks to help Brown's cause, said the group's political director, David Quintana. The Alliance gave $75,000, while the Lytton Band of Pomo Indians and Paskenta Band of Nomlaki Indians each gave $100,000.

Brown's initiative would raise the sales tax by a half-cent and increase income taxes starting at $250,000 for individuals to raise an estimated $7 billion in the first fiscal year. Both would expire at the end of 2016.

"We wholeheartedly support this governor's vision for California," Quintana said. "We want to make sure the governor's vision can get before the voters so they can make a choice. We run the gamut of businesses, and if we don't have a healthy economy our businesses are going to suffer."

The California Tribal Business Alliance was active this year in opposing a bill backed by cardrooms and other gambling tribes to legalize Internet poker. Asked about the group's legislative interests as motivation, Quintana said, "No, what this is about is the state of California. We stand firmly behind his vision."

The contributions mark the first known major financial support to Brown's initiative campaign, though it has become difficult to track donations since the secretary of state's campaign finance website, Cal-Access, failed earlier this month.

The governor must collect 807,615 valid signatures of registered voters, an effort that could cost $3 million or more, depending on how many groups are circulating petitions at the same time.

Thursday, June 11, 2009

Revenue rises at struggling Greektown but Ilitch-owned MotorCity Casino sees declines again

According to various news accounts, the latest revenue results released by the Michigan Gaming Control Board (MGCB), indicate the overall gaming market in Detroit saw a 4.2% decline in May; however, Greektown Casino-Hotel appears to have bucked the trend for the fourth month in a row with a stunning 7.2% year-over-year revenue increase for the month. (At the time of this post, Data had yet to be posted to the MGCB web site.)

Greektown was the only Detroit casino to see an increase, while revenues at MGM Grand Detroit and MotorCity Casino dropped 10.9% and 3.6% respectively.

It should be noted that Greektown in particular has struggled financially in recent years and in May 2008 filed for bankruptcy protection. So, bragging rights about revenue growth at Greektown in May 2009 as compared to May 2008 should be tempered. May 2008 represented perhaps the lowest point in Greektown's financial health.

Despite a major renovation at MotorCity Casino including the addition off theaters, conference and restaurant amenities, and a 400-room luxury hotel, it has generally failed to meet financial expectations since Marian Ilitch acquired control of the property from MGM Mirage in 2005. Both Moody's and Standard & Poor's have now established a steady pattern of declining credit ratings for MotorCity's financial parent during this period.

Among numerous other affiliates, Ilitch controls CCM Merger, Inc. which is the highly leveraged financial parent of Detroit Entertainment LLC (DELLC) which is the entity that does business as (dba) MotorCity Casino. In December 2008, CCM Merger broke its financial convenants and as a result, investors demanded Marian Ilitch inject $45 million cash into the enterprise.

Financial results published by MGCB

Friday, January 23, 2009

MotorCity Casino had worst year since 2005 -- despite larger gambing hall and new 400-room luxury hotel

According to the Michigan Gambling Control Board, annual revenues reported by MotorCity Casino for 2008 were the lowest realized by the Ilitch-owned casino since 2005; even though construction on MotorCity Casino's $300 million renovation/expansion project was in full swing during 2006 & 2007.
  • On 11.30.05, MotorCity Casino broke ground on construction.
  • The casino expanded its gambling floor by a third and unveiled 100,000 square feet of updated gaming space to the public on 6.07.07.
  • A 400-room luxury hotel addition opened to the public on 11.29.07.

Nevertheless, post construction revenues don't reflect the larger entertainment complex.


On 1.16.09, Moody's downgraded the credit ratings of MotorCity Casino's parent (CCM Merger, Inc.) for the second time in a six week period.

CCM Merger, Inc.. is seeking to amend loan convenants to allow for even higher debt ratios despite telling investors originally that such ratios would be lower after construction was completed. As of 12.31.08, CCM Merger will be in violation of the existing convenant absent this amendment.

Investors are rejecting the idea of amendment convenants and instead have called for the casino's owner, Marian Ilitch to inject more cash into the Casino.

Crain's Detroit Business has reported that Ilitch was already forced to inject $25 million into the casino in September 2008 in order to avoid being in violation of loan covenants at the end of the 3rd Quarter.

Wednesday, January 24, 2007

DIGG Story: East Coast Slot Revenue in 2006 Rises 7%, to $8.1 Billion

ATLANTIC CITY, N.J., Jan. 23 /PRNewswire/ -- Casinos and racetracks from Maine to Florida generated $8.1 billion in slot machine revenue in 2006, an increase of 7.1 percent over the previous year, according to the Gaming Industry Observer's East Coast Slot Report. The report, which tracks vital slot statistics on a monthly basis, includes the results of the 36 publicly reporting gaming facilities in the East. It does not include revenue from the 12 Native American casinos in Florida, New York and North Carolina, whose monthly gaming statistics are not publicly disclosed.

"The rise in East Coast slot revenue is attributable to the start of racetrack gaming in Florida and Pennsylvania, the expansion of racetrack gaming in New York, an increase in the slot-machine cap in Delaware, and healthy increases in the long-established markets of Connecticut, New Jersey and West Virginia," said Joseph Weinert, Editor of the Gaming Industry Observer.

PRNews: East Coast Slot Revenue in 2006 Rises 7%, to $8.1 Billion

Saturday, December 02, 2006

Kirk Kerkorian's Influence on Gaming in Michigan, Detroit's Casinos and Marian Ilitch

Detroit Free Press Columnist Tom Walsh wrote several years ago:

KERKORIAN PUTS A NEW SPIN ON DETROIT GAMING


"Kirk Kerkorian ... reclusive 87-year-old billionaire threw Detroit casino scene into further disarray his Vegas-based MGM Mirage announced $7.9-billion bid for Mandalay Resort Group must sell MGM Grand Detroit Casino or MotorCity Kerkorian decides who will be new owner further delays in permanent casino-hotels in Detroit Kerkorian owns 53% of MGM Mirage merged entity will control 10 casinos ½ the hotel rooms & gaming tables in Vegas, plus 18 other properties. Kerkorian’s Detroit ties: bought Chrysler; trying to takeover GM, second home in Detroit ... The upshot: Kerkorian gets to decide who will join MGM and Greektown as Detroit's newest casino owner ... unclear whether Kerkorian, of Las Vegas, spends any time in Detroit ... Former Chrysler executives don't recall Kerkorian visiting here ... don't discuss his personal whereabouts, but no reports of him ever visiting the MGM casino in Detroit.

"Kerkorian ... married for a month in 1999 ... longtime companion Lisa Bonder, formerly of Saline (Michigan), but given squabbling later in court over paternity of a child ... turned out not to be Kerkorian's -- unlikely he spent much family bonding time in Michigan ... here or not ... What we do know is that he's shaking things up around Detroit more than any other 87-year-old. "


Other Kirk Kerkorian Resources:
The New York Times: News, commentary and archival articles published on Kirk Kerkorian
About.com:
Kirk Kerkorian - Father of the Mega-resort
Answers.com:
Kirk Kerkorian
Las Vegas Review Journal:
The First 100 Who Shaped Nevada
Forbes 2006 "Richest Americans:"
#53 Kirk Kerkorian

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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

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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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