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Greektown Casino, in Detroit, Reports Rising Revenues: $29.3 Million in October

From the Detroit Free Press, we are learning that Detroit casino revenues fell nearly 1 percent in October from a year ago, but were up more than 6 percent when compared with September, according to the Michigan Gaming Control Board.

I suppose that’s good news.

The three casinos took in $110.2 million in October compared with $111 million in October 2008.

The Michigan Gaming Control Board also received an update today on Greektown Casino-Hotel’s bankruptcy process from Charles Moore, senior managing director for Conway, MacKenzie & Dunleavy in Birmingham, the restructuring adviser in the casino’s Chapter 11 reorganization.

Moore told the four-member board that he expected some agreement on two competing plans of reorganization.

The first plan values the casino at $540 million and is supported by secured creditors led by Merrill Lynch Capital Corp. A second plan from bondholders values the casino at $600 million.

This plan would ensure bondholders, owed about $185 million, would receive 6 percent of common stock in the reorganized company and rights for $185 million in new preferred stock, according to court filings.

It also has emerged as the favored plan, Moore told the board.

Meanwhile, Greektown Casino marked its seventh consecutive month of rising revenue.

The casino reported $29.3 million in revenue for October, compared with $24.7 million the same month a year ago. It ended the month with 27% of the Detroit gambling market.

MGM Grand Detroit reported $44.9 million in October revenue, down 7% from $48.4 million a year ago. MotorCity Casino had $35.9 million in revenue, down 5% from the $37.8 million reported a year ago.