Michigan Gaming Commission Approves Transfer of Casino Ownership to Marianne Ilić
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The Michigan Game Control Board today authorized the transfer of ownership of Motor City Casino to female Detroit businesswoman Marian Ilich.
"I just want to thank the members of the Game Control Committee and their staff for all their hard work in this process," said Marianne Ilich. "The committee has gone to greater lengths to thoroughly review this contract while meeting the deadline set by the MGM acquisition."
The transfer to Ilich will remain in effect until the acquisition of Mandalay Resorts Group by MGM MIRASURAGE, Inc. MotorCity Casino opened in 1998 and has led the Detroit market in terms of revenue for the past two years.
"While we are excited about the prospects and opportunities to own and operate a MotorCity casino, we also understand the responsibility of being an economic engine for the community," Ilich said. "We have the best employees in the business, are in a great position, and provide a great entertainment experience. I am confident that we will continue to thrive."
Ilitch is one of the leading entrepreneurs in the food and entertainment industry and co-owns Little Caesars Enterprises, the Detroit Red Wings NHL hockey team, and Olympia Entertainment along with husband Mike. 에볼루션 바카라사이트
Ilitch owned a 25% stake in MotorCity Casino as a partner in the Atwater Casino Group. Her partners included Tom Celani, a Detroit businessman who owns a 10% stake in MotorCity, and Atwater Entertainment Associates, a group of more than 100 local investors. As an investor in the Atwater Casino Group, Ilitch, Celani, and Atwater Entertainment owned a total 46.5% stake in MotorCity Casino, while Mandalay owned 53.5%.
In March 2005, Ilich reached two agreements to purchase a remaining stake in Motor City. One agreement was between Ilich and her local partner, Atwater Casino Group. Investors in Atwater Entertainment Associates had group negotiations with Ilich and overwhelmingly supported selling their shares to her. More than 100 investors would gain significant financial gains as a result of the agreement. A second agreement was between Ilich and MGM Mirage to purchase a stake in Motor City Casino, owned by Mandalay.
MGM Mirage, Inc. is required to sell its controlling interest in MGM Grand Detroit Casino L.L.C. or Mandalay's Motor City Casino. The transaction was approved by the Federal Trade Commission on February 16, 2005.
MGM must sell its stake in one of its two Detroit casinos to obtain approval from the Michigan Game Control Board for its Mandalay acquisition. Michigan law prohibits a casino company from owning a controlling stake in two casinos in Detroit. The company may own no more than 10% of its second casinos.