DETROIT, March 23 /PRNewswire/ -- Detroit businesswoman Marian Ilitch has
reached an agreement with MGM MIRAGE Inc. to purchase the remaining interest
of MotorCity Casino owned by Mandalay Resort Group Inc. Coupled with an
agreement reached last week between Ilitch and her local partners, known as
the Atwater Casino Group L.L.C., and subject to government approvals, Ilitch
is now positioned to become sole owner of MotorCity Casino.
"MotorCity has been a great asset to downtown Detroit. To create the kind
of a vibrant city we all envision, we need to have exciting entertainment
venues as part of the mix," said Marian Ilitch.
Investors of Atwater Entertainment Associates L.L.C. negotiated as a group
with Ilitch and overwhelmingly supported the sale of their shares to her.
More than 100 investors will gain a significant financial profit as a result
of the agreement.
"If approved, this agreement is good for our investors and good for future
development in Detroit," said Atwater Entertainment investor Dr. Vivian
Carpenter.
Before the agreements, Ilitch owned a 25 percent interest in MotorCity
Casino as a partner in the Atwater Casino Group. Her partners included
Detroit businessman Tom Celani who owned 10 percent interest in MotorCity, and
Atwater Entertainment Associates, a group of more than 100 local investors
combined with 11.5 percent of the casino shares. As investors in the Atwater
Casino Group, Ilitch, Celani, and Atwater Entertainment owned a combined 46.5
percent interest in MotorCity Casino while Mandalay owned 53.5 percent.
Ilitch is one of the leading entrepreneurs in the food and entertainment
industry and with her husband Mike jointly owns Little Caesar Enterprises, the
Detroit Red Wings NHL hockey team, and Olympia Entertainment.
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SOURCE Marian Ilitch
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CONTACT:
Tom Shields of Marketing Resource Group,
+1-517-372-4400, cell: +1-517-449-9810, for Marian Ilitch ;
Vivian Carpenter of Atwater Entertainment Associates,
+1-313-871-1640; Alan Feldman of MGM MIRAGE, +1-702-891-7147;
Joele Frank, for Mandalay Resort Group, +1-212-355-4449; or Eric
Bush of Michigan Gaming Control Board, +1-517-241-0136
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