The casinos lost more than $555 million in revenue while closed. MotorCity, along with Greektown Casino-Hotel and MGM Grand Detroit, were ordered closed March 16 before reopening at 15 percent capacity in early August. Cases have increased sharply heading into winter, prompting worries of another economic shutdown. The other question mark looming over MotorCity and businesses across the state is the pandemic. 3 presidential election that could rattle the market.Ĭrain's reached out to MotorCity Casino on Monday afternoon for more information about its debt refinancing. Dall said he is aiming to close the deal by the end of the week, just before a Nov.

The refinancing comes amid upcoming maturities of its existing debt next summer and in 2022. Its previous financing model included a $282 million term loan and $200 million in senior unsecured notes. MotorCity's new financing would also consist of up to $570 million in the combination of a five-year term loan and senior unsecured notes, according to a presentation during the meeting. 'Quite frankly, if things were that bad, and it went 18 months, I think we'd have bigger issues or problems to deal with.' 'If there were a second closure, we could last over 18 months,' Dall said during the meeting. Under the plan, the Marian Ilitch-owned casino resort near downtown Detroit would move from a $15 million revolving credit facility to a $45 million revolver, CrainsDetroit reports.Īccording to MotorCity President Bruce Dall that would give the business extra financial padding in the event of another disruption, such as the COVID-19 pandemic that shut it down temporarily for months earlier this year.

The four board members voted unanimously in favor. The Detroit casino would move from a $15 million revolving credit facility to a $45 million revolver, giving the business extra financial padding in the event of another disruption, such as the COVID-19 pandemic that shut it down temporarily for months earlier this year.ĭuring a Michigan Gaming Control Board special meeting which took place virtually, MotorCity Casino Hotel received approval on Monday for its debt restructuring.

Motor city casinos