Attorney William D. Serwer filed corporate documents in February 2002 establishing a Michigan limited liability company known as MV Property Holdings, LLC. Documents filed with the U.S. Attorney indicate that entity was a venture between Detroit casino syndicator Michael J. Malik, Sr. (aka Mike Malik, Michael Malik) and Ralph Vigliotti Realty, Inc. (R. Thomas Vigliotti).
Apparently Malik & Vigliotti had secured land in downtown Detroit that they were hoping to flip and sell to Las Vegas-based gaming giant MGM for future development of the MGM Grand Detroit.
Serwer signed documents disolving MV Property Holdings, LLC on 12.30.02.
Friday, August 15, 2008
MGM Grand Casino In Detroit Thrives While Others Falter
8.14.08The city of Detroit is not any different than others in the United Stats. Whether or not their Red Wings won the Stanley Cup, they still are dealing with tough economic times.
Their casinos are following a trend throughout the country of revenue loss. While two of their casinos had revenue figures decrease from July of 2007, MGM Grand Detroit saved the day by posting a revenue increase.
MotorCity Casino had a decrease of 7.26 percent from last year in July. Their revenue of $39.6 million was down from $42.7 million last year.
Greektown Casino experienced a much more drastic drop in revenue. Their $25.4 million dropped off 13.2 percent from July of 2007. The two casinos are following the national norm for casinos.
MGM did not have such problems. They took in $50.5 million in revenue, an increase of a whopping 22.25 percent. That increase is unusual at a time where the economy is hurting almost every casino in the country.
Fuel prices have been cited at many of these casinos as the reason for revenue decreases. People have also been losing their jobs which is resulting in less gamblers having the money to frequent these casinos.
Wednesday, August 13, 2008
Ilitch partner found guilty on firearms charge in Arizona
8.08.08
According to a report by an Arizona newspaper, Detroit casino syndicator Michael J. Malik, Sr., has been found guilty in Arizona court on one count of unlawfully discharging a firearm and will be sentenced for the violation on August 15.
The charges against Malik stem from a 2007 elk hunt in which it was alleged that Malik had strayed onto private property and was shooting his firearm within close proximity of other people's homes.
Michael Malik is an associate and partner of Marian Ilitch and other members of the Detroit-based Ilitch family. Ilitch Holdings, Inc. is the parent company of such household name brands as Little Caesars Pizza, the Detroit Tigers baseball team, Detroit Red Wings NHL franchise and Detroit's MotorCity Casino.
Among other things, Mike Malik is the owner of the 1,000 acre Paradice Hunt Club in Davison, Michigan.
MotorCity Casino revenues drop again; down for 12-months despite new facilities
8.13.08- ...Revenues show strain
The economy's strain on Detroit's casinos is evident in the latest revenue numbers:
• For MotorCity, year-to-date revenues are down 1.6 percent through July, and 7.26 percent last month alone compared to a year ago. The dips are particularly noteworthy because the casino last year didn't have its larger, renovated gaming hall and new hotel to attract gamblers.
MotorCity officials said they don't comment on specific revenue numbers, but spokeswoman Jennifer Kulczycki said that the end of construction and renovation on the property later this year will have a positive impact on the casino's bottom line.
"We're wrapping up construction right now," she said. "We're excited to show Detroit a completely brand new MotorCity Casino. We think it will leave a very good impression on our guests." (Complete Story)
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