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DETROIT (AP) — State gambling officials yesterday approved Marian Ilitch's bid to buy out her partners in MotorCity Casino and become sole owner of the venture, which takes in more than $400 million in revenue annually.
- Lake Forest, Ill. May 5, 2017 - Tenneco Inc. (NYSE:TEN) was named Diversity Supplier of the Year by FCA US LLC during its annual Supplier of the Year awards ceremony held Tuesday, May 2 at MotorCity Casino Hotel in Detroit, Michigan.
- The state's commercial casinos, all located in Detroit, include the MGM Grand, MotorCity Casino Hotel, and Greektown Casino-Hotel. (See BP stock analysis on TipRanks)To find good ideas for.
- DETROIT—Long powered by the Big Three auto makers, the bankrupt Motor City today is relying on casino cash. Taxes drawn from Detroit's three casinos have been the subject of months of tense.
- Company profile page for MotorCity Casino including stock price, company news, press releases, executives, board members, and contact information.
The Michigan Gaming Control Board voted 4-0 to approve the sale. One board member was absent.
MotorCity, one of three Detroit casinos, is to be sold because of the pending merger between MGM Mirage Inc. and Mandalay Resort Group. MGM Mirage already owns Detroit's MGM Grand Casino, and Michigan law prohibits the company from owning more than one casino in the city.
The sale is contingent on the completion of MGM Mirage's acquisition of Mandalay, expected by June 30. Although it gave its approval to the deal, the Michigan board is expected to further scrutinize the financing and other details in the coming months.
Ilitch, who already owns 25 percent of MotorCity, is paying $525 million for the 53.5 percent stake owned by Mandalay Resort Group. She also is buying an 11.5 percent stake held by Atwater Entertainment, a group of more than 100 local investors, for $106 million, and the remaining 10 percent from another local investor, Tom Celani, for an undisclosed amount.
Ilitch told the gaming board yesterday she didn't plan big changes in MotorCity's management.
'I've been around a pretty long time to know that you don't break up a winning team,' she said.
Ilitch and her husband, Mike, began their business empire in 1959 with the opening of a pizza parlor in suburban Detroit. That first Little Caesars restaurant flourished into one of the biggest national pizza chains. The Ilitches' companies, which include hockey's Detroit Red Wings and baseball's Detroit Tigers, had combined revenue in excess of $1 billion last year.
Yesterday's meeting lasted about an hour and 15 minutes. The board did not have to consider Ilitch's suitability as an owner because she is already licensed because of her 25 percent stake. Instead Ilitch's team answered questions about the intricacies of the deal and the financing for it.
Ilitch said afterward she was surprised there were no questions from the public.
She told reporters that buying the casino was an important part of her family's commitment to Detroit's economic revival.
'I have a passion for this city. I was born and raised here,' she said. 'It breaks my heart that our city has come down.'
Ilitch said she remained committed to MotorCity's planned expansion. All the Detroit casinos were built with the understanding they would soon be replaced by permanent casinos, complete with hotels. MotorCity opened in December 1999.
'My hope is I'm not just going to put up a hotel. I'm going to have a top-class hotel,' she said.Construction has been delayed because of a lawsuit from the Lac Vieux Desert Band of Lake Superior Chippewa Indians, which claimed Detroit's 1997 casino selection process was unfair. MotorCity and Greektown Casino have agreed on a settlement with the tribe but are waiting for an injunction to be lifted before beginning construction.
Motor City Casino Stock Price
In an agreement that brings together America's #1 sportsbook with a premier destination for entertainment in Detroit, FanDuel Group will take its industry-leading sports betting services to MotorCity Casino. Beginning on March 12th, 2020, this collaboration will allow guests and sports fans to place bets in an exciting, newly designed area of the award-winning casino.
- Lake Forest, Ill. May 5, 2017 - Tenneco Inc. (NYSE:TEN) was named Diversity Supplier of the Year by FCA US LLC during its annual Supplier of the Year awards ceremony held Tuesday, May 2 at MotorCity Casino Hotel in Detroit, Michigan.
- The state's commercial casinos, all located in Detroit, include the MGM Grand, MotorCity Casino Hotel, and Greektown Casino-Hotel. (See BP stock analysis on TipRanks)To find good ideas for.
- DETROIT—Long powered by the Big Three auto makers, the bankrupt Motor City today is relying on casino cash. Taxes drawn from Detroit's three casinos have been the subject of months of tense.
- Company profile page for MotorCity Casino including stock price, company news, press releases, executives, board members, and contact information.
The Michigan Gaming Control Board voted 4-0 to approve the sale. One board member was absent.
MotorCity, one of three Detroit casinos, is to be sold because of the pending merger between MGM Mirage Inc. and Mandalay Resort Group. MGM Mirage already owns Detroit's MGM Grand Casino, and Michigan law prohibits the company from owning more than one casino in the city.
The sale is contingent on the completion of MGM Mirage's acquisition of Mandalay, expected by June 30. Although it gave its approval to the deal, the Michigan board is expected to further scrutinize the financing and other details in the coming months.
Ilitch, who already owns 25 percent of MotorCity, is paying $525 million for the 53.5 percent stake owned by Mandalay Resort Group. She also is buying an 11.5 percent stake held by Atwater Entertainment, a group of more than 100 local investors, for $106 million, and the remaining 10 percent from another local investor, Tom Celani, for an undisclosed amount.
Ilitch told the gaming board yesterday she didn't plan big changes in MotorCity's management.
'I've been around a pretty long time to know that you don't break up a winning team,' she said.
Ilitch and her husband, Mike, began their business empire in 1959 with the opening of a pizza parlor in suburban Detroit. That first Little Caesars restaurant flourished into one of the biggest national pizza chains. The Ilitches' companies, which include hockey's Detroit Red Wings and baseball's Detroit Tigers, had combined revenue in excess of $1 billion last year.
Yesterday's meeting lasted about an hour and 15 minutes. The board did not have to consider Ilitch's suitability as an owner because she is already licensed because of her 25 percent stake. Instead Ilitch's team answered questions about the intricacies of the deal and the financing for it.
Ilitch said afterward she was surprised there were no questions from the public.
She told reporters that buying the casino was an important part of her family's commitment to Detroit's economic revival.
'I have a passion for this city. I was born and raised here,' she said. 'It breaks my heart that our city has come down.'
Ilitch said she remained committed to MotorCity's planned expansion. All the Detroit casinos were built with the understanding they would soon be replaced by permanent casinos, complete with hotels. MotorCity opened in December 1999.
'My hope is I'm not just going to put up a hotel. I'm going to have a top-class hotel,' she said.Construction has been delayed because of a lawsuit from the Lac Vieux Desert Band of Lake Superior Chippewa Indians, which claimed Detroit's 1997 casino selection process was unfair. MotorCity and Greektown Casino have agreed on a settlement with the tribe but are waiting for an injunction to be lifted before beginning construction.
Motor City Casino Stock Price
In an agreement that brings together America's #1 sportsbook with a premier destination for entertainment in Detroit, FanDuel Group will take its industry-leading sports betting services to MotorCity Casino. Beginning on March 12th, 2020, this collaboration will allow guests and sports fans to place bets in an exciting, newly designed area of the award-winning casino.
The two-story sportsbook will feature six betting windows, sixty-seven high-definition televisions, one ticker, a VIP area, and fifty-four self-service IGT PlaySports betting kiosks. The FanDuel Sportsbook at MotorCity Casino will accept bets on all major U.S. sports, including baseball, hockey, soccer, football, basketball, golf, boxing, motorsports racing, and more.
'For two decades, we have been committed to reimagining the guest experience – consistently raising the bar with innovative entertainment, world-class luxury hotel accommodations and high energy gaming activities,' said Bruce Dall, president of MotorCity Casino. 'This relationship takes it to the next level. With FanDuel, our guests will be able to engage with their favorite sports in a dynamic new way at Detroit's only locally-owned and operated casino.'
'Detroit is an incredible sports town – the ‘City of Champions'. As we look to expand our national footprint and bring America's top sportsbook to more customers across the country, this was a perfect fit,' said Matt King, chief executive officer of FanDuel Group. 'It has everything we look for – from the industry leading casino operation to the proud and passionate Midwest fanbase. Exciting things are happening in Detroit, and we couldn't be more excited about this move to the Motor City.'
FanDuel will administer all core services affecting betting for the Sportsbook. As such, guests can place bets on a number of games, including the Detroit Tigers and Detroit Red Wings. Operating in absolute compliance with all gaming and sports league rules and regulations, MotorCity Casino revenue is explicitly not tied to the outcome of any particular baseball or hockey game.
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FanDuel Group is an innovative sports-tech entertainment company that is changing the way consumers engage with their favorite sports, teams, and leagues. The premier gaming destination in the United States, FanDuel Group consists of a portfolio of leading brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media, including FanDuel, Betfair US, and TVG. FanDuel Group has a presence across 46 states and 8.5 million customers. The company is based in New York with offices in California, New Jersey, Florida, Oregon, and Scotland. FanDuel Group is a subsidiary of Flutter Entertainment plc, a leading international sports betting and gaming operator and a constituent of the FTSE 100 index of the London Stock Exchange.
About MotorCity Casino Hotel
Motorcity Casino Stock Symbol
Located on Grand River Avenue at the Lodge Freeway (M-10), MotorCity Casino Hotel is Detroit's only casino-hotel property that has earned a AAA Four Diamond rating for both its hotel and fine dining restaurant. The entertainment complex is comprised of an expansive gaming space including smoke-free gaming areas and an award-winning 400-room ultra-comfortable and high tech hotel with a luxury spa and fitness center. MotorCity Casino Hotel offers several unique dining options including the Assembly Line buffet, The Lodge Diner, Grand River Deli & Burgers, Little Caesars, and Iridescence, an award-winning fine dining restaurant. Other amenities include Sound Board, an intimate live performance venue, and over 67,000 square feet of function and banquet space. For more information about MotorCity Casino Hotel, or to make a reservation, visit www.MotorCityCasino.com or call 1-866-STAY-MCC.
Motor City Casino Stock
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