Gaming Legal News - April 11, 2013 • Volume 6, Number 9

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Explore:  Casinos Gambling Gaming

In This Issue:

- MICHIGAN GAMING CONTROL BOARD APPROVES ATHENS ACQUISITION TRANSACTION:

At its April 9 monthly meeting, the Michigan Gaming Control Board (“MGCB”) approved Athens Acquisition LLC’s acquisition of a majority interest in Greektown Superholdings, Inc., the parent company of Greektown Casino, L.L.C. Dan Gilbert, the founder of the Quicken Loans home lending empire and Chief Executive Officer of Athens Acquisition, whose companies include the majority owner of the Cleveland and Cincinnati casinos as well as a casino being developed in Baltimore, made a PowerPoint presentation at the MGCB meeting that emphasized his commitment to development of economic corridors in downtown Detroit....

- DETROIT CASINOS’ MARCH REVENUES SLIGHTLY DECREASE FROM SAME MONTH LAST YEAR: MICHIGAN GAMING CONTROL BOARD RELEASES MARCH 2013 REVENUE DATA:

The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for March 2013 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 0.42% decrease in gaming revenues compared to the same month in 2012. Aggregate gross gaming revenue for the Detroit commercial casinos increased, however, by approximately 21.1% compared to February 2013 revenue figures, continuing the increase in revenues between February and March in prior years....

Please see full newsletter below for more information.

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Topics:  Casinos, Gambling, Gaming

Published In: Art, Entertainment & Sports Updates, Finance & Banking Updates, Mergers & Acquisitions Updates, Tax Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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