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MotorCity Casino Deal Finalized

DETROIT, Michigan – (PRESS RELEASE) -- Detroit businesswoman Marian Ilitch has finalized the purchase of MotorCity Casino, making her sole owner. The purchase and transfer of casino ownership was completed today.

"I see this as an exciting opportunity and an important responsibility," Marian Ilitch said. "Our goals will be to build on the successes of MotorCity, continue to lead the market, while meeting our responsibilities to the people of Detroit as an employer and a good corporate citizen."

MGM Mirage Inc. today completed a $7.9 billion buyout of Mandalay Resort Group. To get approval from the Michigan Gaming Control Board, MGM Mirage was required to sell its interest in either MGM Grand Detroit Casino or Mandalay's MotorCity Casino. Michigan law prohibits a casino company from owning a controlling interest in two casinos in Detroit. Ilitch, who already owned 25 percent of MotorCity Casino, reached an agreement to purchase the shares of her local partners, Atwater Entertainment and Tom Celani as well as the shares of Mandalay Resort Group. The Michigan Gaming Control Board approved the agreement on April 13.

MotorCity Casino opened in 1998 and has led the Detroit market in revenue for the past two years. The casino has 2,800 employees, of which 53 percent were Detroit residents at the time of hiring. The casino paid $55 million in taxes to the city of Detroit last year and $40.9 million in wagering taxes to the state of Michigan. Ilitch does not plan on making any major changes to the current management staff of the casino.

"We have a winning team in place at MotorCity," said Ilitch. "I'm confident we will have a smooth transition and I look forward to working with them to build the permanent casino that will allow MotorCity to reach its full potential as an entertainment destination resort."

Ilitch, a life-long Detroit area resident, is one of America's leading entrepreneurs in the food and entertainment industry. She and her husband Mike, jointly owns Little Caesars Enterprises, the Detroit Red Wings NHL hockey team, and Olympia Entertainment.

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