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.
