1.23.09
GAMING: Bond rating lowered
Moody's credit rating agency has downgraded the bond rating of MotorCity Casino's parent company, CCM Merger Inc., potentially making it more difficult for the casino and hotel owned by Marian Ilitch to raise cash.
Jacci Woods, a spokeswoman for the casino, said Thursday she could only say that CCM Merger was negotiating changes to its credit agreements to bring the terms that were set in 2005 "to levels consistent with those of other gaming operations in the United States."
The difficult economy has cut into casino revenues.
Motor City ended 2008 with $465 million in annual revenue, down from $480 million the year before.
Marian Ilitch, the wife of pizza-sports-entertainment mogul Mike Ilitch, is the sole owner of CCM Merger.
Jacci Woods, a spokeswoman for the casino, said Thursday she could only say that CCM Merger was negotiating changes to its credit agreements to bring the terms that were set in 2005 "to levels consistent with those of other gaming operations in the United States."
The difficult economy has cut into casino revenues.
Motor City ended 2008 with $465 million in annual revenue, down from $480 million the year before.
Marian Ilitch, the wife of pizza-sports-entertainment mogul Mike Ilitch, is the sole owner of CCM Merger.
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