MotorCity Casino has agreed to become the presenting sponsor of the Woodward Dream Cruise.
For those readers unaware of the Dream Cruise, it is a massive car cruise along Woodward Avenue from Ferndale, Michigan on the south end to Pontiac, Michigan on the north end.
Those who were teenagers in the 1950s and 1960s view the Dream Cruise as the greatest event in the history of man.
Those who were teenagers at any other time in history view the Dream Cruise as a huge pain in the neck that destroys commerce along Woodward Avenue for two solid weeks.
It is unclear what benefit, other than advertising, will accrue to MotorCity Casino as a result of its sponsorship.
Showing posts with label detroit. Show all posts
Showing posts with label detroit. Show all posts
Wednesday, June 17, 2009
Friday, December 26, 2008
Greektown Opens New International Buffet
The all-you-can-eat buffet, a culinary staple of casinos since the beginning of time, arrives at Greektown Casino today with the opening of the Greektown International Buffet.
The buffet, a 275 seat, $18.95 buffet, will feature made-to-order food, not pre-prepared by food vendors, but cooked to order. The publicized menu can be found here.
The buffet, a 275 seat, $18.95 buffet, will feature made-to-order food, not pre-prepared by food vendors, but cooked to order. The publicized menu can be found here.
Sault Tribe of Chippewa Have Until February 1, 2009 To File Plan For Exit From Bankruptcy For Greektown Casino
Greektown Casino, which has been operating under bankruptcy protection since May 29, 2008, has until February 1, 2009 to file a plan for an exit from bankruptcy.
The Sault Ste. Marie Tribe of Chippewa, the tribal owners of the casino, are currently analyzing the various options available to the Tribe. One option is the sale of the casino, which would end the outflow of money from the Tribe to the casino, estimated at $47 million in 2008 alone. These cash infusions required the Tribe to lay off tribal employees, and suspend certain tribal benefits. However, the sale option would prevent the Tribe from enjoying any of the potential upside when (or if) the Detroit casino market recovers. In addition, there are few potential buyers for the casino, given the current status of the credit markets, and the global economy.
A second option is the continued ownership of the casino, which will require restructuring of the debt of the casino, and would likely involve more cash contributions from the Tribe.
Stay tuned. . .
The Sault Ste. Marie Tribe of Chippewa, the tribal owners of the casino, are currently analyzing the various options available to the Tribe. One option is the sale of the casino, which would end the outflow of money from the Tribe to the casino, estimated at $47 million in 2008 alone. These cash infusions required the Tribe to lay off tribal employees, and suspend certain tribal benefits. However, the sale option would prevent the Tribe from enjoying any of the potential upside when (or if) the Detroit casino market recovers. In addition, there are few potential buyers for the casino, given the current status of the credit markets, and the global economy.
A second option is the continued ownership of the casino, which will require restructuring of the debt of the casino, and would likely involve more cash contributions from the Tribe.
Stay tuned. . .
Thursday, December 11, 2008
Greektown To Hire 150 More For Hotel
Greektown casino, which plans to open its permanent hotel in February 2009, is seeking to hire an additional 150 employees to work in the hotel, in jobs ranging from housekeeping to sales representatives.
With these hires, Greektown would have hired 400 permanent employees for its hotel project. This is offset by its laying off of 89 casino operations employees earlier in 2008, due in part to its declining revenue in 2008 versus 2007.
With these hires, Greektown would have hired 400 permanent employees for its hotel project. This is offset by its laying off of 89 casino operations employees earlier in 2008, due in part to its declining revenue in 2008 versus 2007.
Tuesday, December 09, 2008
MGM Grand Receives Two AAA Four Diamond Rankings
In a report in Crain's Detroit Business (subscription req.), MGM Grand Detroit has received two separate AAA Four Diamond ratings.
The first Four Diamond rating is for the hotel itself.
The second Four Diamond rating is for the Saltwater restaurant within the casino complex.
Iridescence restaurant at the MotorCity casino complex had been previously awarded a Four Diamond rating.
The first Four Diamond rating is for the hotel itself.
The second Four Diamond rating is for the Saltwater restaurant within the casino complex.
Iridescence restaurant at the MotorCity casino complex had been previously awarded a Four Diamond rating.
Friday, December 05, 2008
No Spa For Greektown; MGM and MotorCity Might Regret Decision
Greektown Casino's hotel, scheduled to open in February, 2009, will open without a planned spa.
Greektown's spa cancellation appears to be a combination of lack of funding, and a recognition that Detroit's casino market differs from Las Vegas. The spas at MotorCity Casino's hotel, and the MGM Grand hotel are implied to be boondoggle money-losers based upon press reports.
Maybe in just this one instance being third to market is a good thing for Greektown. . .
Greektown's spa cancellation appears to be a combination of lack of funding, and a recognition that Detroit's casino market differs from Las Vegas. The spas at MotorCity Casino's hotel, and the MGM Grand hotel are implied to be boondoggle money-losers based upon press reports.
Maybe in just this one instance being third to market is a good thing for Greektown. . .
Saturday, November 08, 2008
Casinos Continue To Feel Impact of Michigan Economy
For those who believed that casinos revenues were immune to the whims of the general economy, October revenues for the three Detroit casinos provided more evidence to the contrary.
In the aggregate, gaming revenues fell $7.1 million in October for the three Detroit casinos.
The lone bright spot was the MotorCity Casino, which saw its revenues increase slightly to $37.9 million, from $37.7 million in October 2007.
MGM Grand Detroit saw the largest drop, to $48.4 million, from $54.9 million in October 2007. MGM's year-over-year numbers are slightly deceiving, however, as October 2007 was the month of MGM's grand-opening of its permanent casino. Accordingly, its October 2007 revenues were unnaturally high.
Greektown Casino continued its slow march into irrelevance, with its revenues dropping to $24.7 million, from $25.6 million in October 2007.
In the aggregate, gaming revenues fell $7.1 million in October for the three Detroit casinos.
The lone bright spot was the MotorCity Casino, which saw its revenues increase slightly to $37.9 million, from $37.7 million in October 2007.
MGM Grand Detroit saw the largest drop, to $48.4 million, from $54.9 million in October 2007. MGM's year-over-year numbers are slightly deceiving, however, as October 2007 was the month of MGM's grand-opening of its permanent casino. Accordingly, its October 2007 revenues were unnaturally high.
Greektown Casino continued its slow march into irrelevance, with its revenues dropping to $24.7 million, from $25.6 million in October 2007.
Wednesday, September 03, 2008
More Details on Greektown Casino's Expansion
The expansion of Greektown casino's gaming space will reportedly increase the gaming floor area to a total of 100,000 square feet, with the slot floor space increased by one-third. Upon completion of the expansion, Greektown will have approximately 2,600 slot machines.
In addition, the hotel will reportedly feature a 1,100 seat live theater.
In addition, the hotel will reportedly feature a 1,100 seat live theater.
Thursday, August 14, 2008
July 2008 Detroit Casino Revenues
MGM Grand Detroit: $50.5 million in July 2008, up 23.2% from July 2007, up 19.5% January-July 2008 versus 2007.
MotorCity: $39.6 million in July 2008, down 7.26% from July 2007, down 1.6% January-July 2008 versus 2007.
Greektown: $25.4 million in July 2008, down 13.2% from July 2007, down 6.68% January-July 2008 versus 2007.
MotorCity: $39.6 million in July 2008, down 7.26% from July 2007, down 1.6% January-July 2008 versus 2007.
Greektown: $25.4 million in July 2008, down 13.2% from July 2007, down 6.68% January-July 2008 versus 2007.
Greektown's New Gaming Space To Open August 29
Greektown Casino's new gaming space is scheduled to be completed and open for business on August 29. The new gaming space is part of the renovation of the temporary casino, which is being converted into a permanent casino, together with the construction of the attached garage, which has been open since November, 2007, and the casino hotel, which is scheduled to open in February, 2009.
Friday, June 27, 2008
Greektown Targets September 2009 For Emergence From Bankruptcy
Greektown casino expects to emerge from bankruptcy on September 1, 2009.
Greektown's $150M Loan Approved
The Michigan Gaming Control Board approved Greektown Casino's $150 million construction loan for the completion of the permanent hotel and casino expansion.
The loan has already been approved by the United States Bankruptcy Court.
The loan will allow for the completion of the current construction projects.
The loan has already been approved by the United States Bankruptcy Court.
The loan will allow for the completion of the current construction projects.
Wednesday, June 25, 2008
Bankruptcy Court Approves Second Part of Greektown $150M Loan
The United States Bankruptcy Court overseeing the bankruptcy of Greektown Casino is approving the second part of the $150 million loan package which will allow for completion of the casino's expansion and permanent hotel.
The loan still awaits approval from the Michigan Gaming Control Board.
The loan still awaits approval from the Michigan Gaming Control Board.
Tuesday, June 24, 2008
Greektown Casino Lays Off 89 Employees; More To Come
Greektown casino laid off 89 employees as part of $7.8 million in cuts after its bankruptcy filing. Most of the employees affected worked at the table games.
Wednesday, June 11, 2008
Man Attempts Suicide At Greektown Casino
In one of those semi-regular reminders of the darker side of casinos, a man distraught at losing money at Greektown Casino, and also distraught at breaking up with his lover, climbed a crane outside of the casino in an apparent suicide attempt, and had to be coaxed down by police negotiators.
Friday, June 06, 2008
Greektown Casino Expects To Lose $15.6 Million In 2008
Greektown Casino expects to lose approximately $15.6 million in 2008, due to expected expenses of $20 million relating to its bankruptcy filing last week.
The casino's bankruptcy filing was, in part, due to a condition of its lender, Merrill Lynch, which would not extend further credit without the protection of a bankruptcy filing.
The casino has approximately $560 million in debt to lenders, bondholders, and former owners Ted and Maria Gatzaros.
The casino's bankruptcy filing was, in part, due to a condition of its lender, Merrill Lynch, which would not extend further credit without the protection of a bankruptcy filing.
The casino has approximately $560 million in debt to lenders, bondholders, and former owners Ted and Maria Gatzaros.
Saturday, May 03, 2008
March Detroit Casino Revenues
Revenues for March 2008 at MGM Grand were up 5.94% over March 2007, to $50.2 million. This compared to decreases of 3.7% at MotorCity Casino compared to March 2007, with March 2008 revenues of $41.3 million. Revenues at at Greektown Casino were down 3.58% to $33.2 million in March 2008.
Monday, March 31, 2008
February 2008 Revenues for Detroit Casinos
MGM Grand Detroit: $47 million in February 2008, up 27.9% from February 2007.
MotorCity: $38.3 million in February 2008, down 2.25% from February 2007.
Greektown: $27 million in February 2008, down 6.89% from February 2007.
It should be noted that 2008 is a leap year, so revenues would be up 3.5% even if daily revenue remained constant. Put another way, MotorCity was actually down closer to 5% on a comparable day basis, and Greektown was down closer to 10%. Not a good showing at all.
MotorCity: $38.3 million in February 2008, down 2.25% from February 2007.
Greektown: $27 million in February 2008, down 6.89% from February 2007.
It should be noted that 2008 is a leap year, so revenues would be up 3.5% even if daily revenue remained constant. Put another way, MotorCity was actually down closer to 5% on a comparable day basis, and Greektown was down closer to 10%. Not a good showing at all.
Tuesday, January 15, 2008
December 2007 Detroit Casino Revenues Reported
The Michigan Gaming Control Board has released the December 2007 results for the three Detroit casinos, MGM Grand, MotorCity, and Greektown. The full year 2007 results were also released.
For December 2007, MGM Grand Detroit's revenues were $46,746,114, which is down approximately $40,000 from November 2007. Year-over-year, the December 2007 revenues were up $4,000,000 from December 2006. For the full year, MGM Grand Detroit's revenues were $513,480,980, up $24,000,000 from 2006.
MotorCity's revenues for December 2007 were $39,522,591, which was up approximately $1,200,000 from November 2007. The December 2007 revenues were down $3,500,000 from December 2006. For the full year, MotorCity's revenues were $415,214,415, up $11,500,000 from 2006.
Greektown, which is the only Detroit casino not to have opened its hotel yet, revenues for December 2007 were $27,375,747, which was down approximately $750,000 from November 2007. December 2007's revenues were down $2,700,000 from December 2006. Full year revenues for 2007 were down $3,700,000 versus 2006 for Greektown.
These revenue increases was good for a 2.4% increase over 2006 revenues, which is the slowest since the Detroit casinos opened.
These are troubling numbers for Greektown and MotorCity.
For MotorCity, the trouble is that the casino has opened new gaming areas and its hotel, yet revenues for December 2007 were substantially lower than December 2006.
The trouble for Greektown is more substantial. Greektown has long blamed its third-place revenue finishes on the casino's lack of abundant free parking close to the casino. Yet, even after November 15, 2007, when Greektown opened its 2,900 space free parking structure connected to the casino, Greektown's revenues continue to lag.
For December 2007, MGM Grand Detroit's revenues were $46,746,114, which is down approximately $40,000 from November 2007. Year-over-year, the December 2007 revenues were up $4,000,000 from December 2006. For the full year, MGM Grand Detroit's revenues were $513,480,980, up $24,000,000 from 2006.
MotorCity's revenues for December 2007 were $39,522,591, which was up approximately $1,200,000 from November 2007. The December 2007 revenues were down $3,500,000 from December 2006. For the full year, MotorCity's revenues were $415,214,415, up $11,500,000 from 2006.
Greektown, which is the only Detroit casino not to have opened its hotel yet, revenues for December 2007 were $27,375,747, which was down approximately $750,000 from November 2007. December 2007's revenues were down $2,700,000 from December 2006. Full year revenues for 2007 were down $3,700,000 versus 2006 for Greektown.
These revenue increases was good for a 2.4% increase over 2006 revenues, which is the slowest since the Detroit casinos opened.
These are troubling numbers for Greektown and MotorCity.
For MotorCity, the trouble is that the casino has opened new gaming areas and its hotel, yet revenues for December 2007 were substantially lower than December 2006.
The trouble for Greektown is more substantial. Greektown has long blamed its third-place revenue finishes on the casino's lack of abundant free parking close to the casino. Yet, even after November 15, 2007, when Greektown opened its 2,900 space free parking structure connected to the casino, Greektown's revenues continue to lag.
Tuesday, January 08, 2008
December Revenues Not Yet Reported For Detroit Casinos
The monthly revenue reports for the three Detroit casinos (MGM Grand Detroit, Greektown, and MotorCity) are generally released at the monthly meeting of the Michigan Gaming Control Board. However, there is no meeting scheduled for January, 2008. The release of the December monthly revenue report will provide interesting information regarding the impact of the first full month of revenues after the opening of the new parking structure at Greektown and the hotel at MotorCity Casino.
Stay tuned. . .
Stay tuned. . .
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