Revenues at Ilitch-owned MotorCity Casino take a significant dive

According to the Michigan Gaming Control Board, revenues reported by MotorCity Casino for June were $38,097,328.05. That represents a 10 percent drop over June 2007.

June 2008 revenues represent the lowest monthly revenues reported by MotorCity Casino in 2008. What's more, since May 2007, only October 2007 revenues at $37,709,923.79 were lower than revenues the casino reported for June 2008.

MotorCity Casino is a d/b/a for Detroit Entertainment LLC. The parent of Detroit Entertainment LLC is CCM Merger, Inc. The enterprises are owned by Mrs. Marian Ilitch. Among other business enterprises, she and her husband Mike Ilitch own the Detroit Red Wings and are co-founders of Little Ceasars Pizza. He owns the Detroit Tigers.

Ilitch acquired 100% ownership of Detroit Entertainment LLC (MotorCity Casino) in 2005. Since then both Moody's and Standard & Poors have put the enterprises on negative credit watch and have downgraded the credit ratings of the Ilitch-owned enterprises.

Reference:
2007 Revenues as reported to MGCB
2008 Revenues as reported to MGCB