Detroit Casino News - 2008


March 13, 2008

Fred Cleland was recently hired as the Deputy Director of Licensing for the Michigan Gaming Control Board (MGCB). Mr. Cleland replaces Ben McMakin, who resigned his Deputy Director position in Fall, 2006. Most recently, John Page, Deputy Director of Enforcement, has served as the acting Deputy Director of Licensing.

March 13, 2008

At the meeting of the Michigan Gaming Control Board (MGCB) on Tuesday, March 11, the Board considered the tax base reduction certification request of casino licensee Detroit Entertainment, LLC (MotorCity Casino), which is owned by Marian Ilitch. Pursuant to Public Act 306 of 2004, the wagering tax rate applicable to the Detroit casinos was increased from 18% to 24%. However, PA 306 also provided for a rollback of the wagering tax to 19% once a casino licensee was “fully operational” for a period of 30 consecutive days.

March 13, 2008

The Michigan Gaming Control Board (MGCB) has recently released the February, 2008 total adjusted revenue figures for the three Detroit casinos –MGM Grand Detroit Casino $47,021,788.41, MotorCity Casino $38,326,971.88 and Greektown Casino $26,999,351.20. The three Detroit casinos’ total adjusted gross receipts for February, 2008 were $112,348,111.49.

February 28, 2008

Effective March 3, 2008 Lorenzo Creighton will become president and chief operating officer of MGM Grand Detroit Casino, according to a press release issued by MGM MIRAGE. Mr. Creighton will replace George Boyer, who will remain with MGM MIRAGE and serve as a Senior Executive in MGM MIRAGE Development, a subsidiary of the company.

February 19, 2008

The Michigan Gaming Control Board (MGCB) has recently released the January, 2008 total adjusted revenue figures for the three Detroit casinos – MGM Grand Detroit Casino$46,637,248.81, MotorCity Casino $39,366,692.84 and Greektown Casino$27,534,937.58 .The three Detroit casinos’ total adjusted gross receipts for January, 2008 were$113,538,879.23.

January 30, 2008

January 30, 2008, Michigan Governor Jennifer Granholm announced the appointment of Michael J. Watza to the Michigan Gaming Control Board (“MGCB”), and the reappointments of Judge Benjamin Friedman and Barbara Rom to the seats that they both previously held on the MGCB. The MGCB is charged with regulating and overseeing the operation of the three Detroit casinos in accordance with the Michigan Gaming Control and Revenue Act.

January 17, 2008

At a news conference on January 17, 2008, Wayne County Executive Robert Ficano unveiled plans for a $595 million expansion of Cobo Center in downtown Detroit. Michigan Governor Jennifer Granholm, who attended today’s announcement, has said that Ficano’s current plan is the most viable plan that has been presented. To show her support for the plan, the Governor has pledged to refinance and restructure debt owed by the City of Detroit and Wayne County. It is expected that such a development would yield $150 million to be put toward the expansion project.

Ficano’s plan would cost an estimated $323 million for construction, $110 million to pay off the Cobo Center’s debt, $142 million for an endowment fund to pay for operation costs and another $20 million to buy Cobo Center from the City of Detroit. The expansion and renovation of Cobo Center is estimated at 120,000 square feet, and includes plans to build walkways connecting to the Renaissance Center and Sheraton Detroit Riverside.

January 10, 2008

The Michigan Gaming Control Board releases December 2007 Total Adjusted Revenue for the three Detroit casinos. MGM Grand Detroit, Motor City Casino, and Greektown Casinos reported total adjusted revenues of $46,746,114.32, $39,522,591.73, and $27,375,747.95 respectively. The three Detroit casinos’ total annual adjusted gross receipts for 2007 were $1,335,015,891.41.

 





 

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