Friday, September 21, 2007

Ilitch falls 55 spots on Forbes 400 List; MotorCity Casino credit ratings fell, Tigers fail to make playoffs

Mike Ilitch, the 78-year old co-founder of Little Caesars Pizza has dropped 55 spots from #242, where he was tied with Oprah Winfrey, to #297 on Forbes' 2007 List of Richest Americans. While Ilitch's networth went from $1.5 billion to $1.6 billion it wasn't enough to hold his 2006 position on the list -- the highest he's ever been on Forbes annual ranking of richest Americans.


According to Forbes:


Ilitch "played shortstop for pro baseball's Detroit Tigers farm team. Opened first Little Caesars pizza joint in 1959 after injury ended career; 40 stores by 1967. Based franchise on Ray Kroc's McDonald's: cheap ingredients, fast service, drive-up windows. Business lagged early 1990s; ditched frozen cheese, refurbished stores. Today sales exceed $1.5 billion. Bought Tigers franchise in 1992; team played in World Series last fall. Also owns pro hockey's Detroit Red Wings. Wife, Marian, owns Detroit's MotorCity casino."


Among other challenges, Standard & Poor's and Moody's dropped the credit ratings of Detroit's MotorCity Casino because the parent company CCM Merger, Inc. was leveraged above and beyond what was originally projected when investors gave Marian Ilitch nearly $1 billion to purchase, renovate and expand the Detroit casino property. In dropping the credit ratings, Moody's decreased the likelihood that investors would recoup their investments in the event of default.

In addition, although the Detroit Tigers made the World Series during the 2006 MLB season; it doesn't appear the Tigers will even make the play-offs in 2007.

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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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