DICKINSON WRIGHT ENTERS INTO COOPERATION AGREEMENT WITH BULGARIA-BASED VELCHEV & CO.
Dickinson Wright PLLC has entered into a cooperation agreement with the Sofia, Bulgaria-based law firm Velchev & Co. Headed by managing partner Pavel Velchev, the 12-member firm is broadly experienced in the fields of corporate and commercial, administrative law, licensing procedures and related regulatory affairs and litigation, with a special focus on consulting new technology businesses. Velchev & Co. is specialized in information and communications technology and media law, gambling law public procurements, mergers and acquisitions and intellectual property (copyright, trademark, designs and patents). The firm is active in the representation of state-owned companies and private, local and international companies, has a well-established and continuously developing strong network and assures a custom-tailored business approach to the client. In order to assure complex and reliable legal assistance and stable positioning in Eastern Europe for its clients, Velchev & Co. works in cooperation with other select law companies in the region. With recent and pending changes in the taxation of gambling and already legalized internet gambling with compliance with European principles, Bulgaria is vying to become the East European leader in the development of the gambling industry, having the advantages of being also an EU member state. Nadya Hambach, the only internationally recognized specialized gaming attorney in Bulgaria, heads the gaming practice within the firm. Velchev & Co. is ranked by Chambers Global and recognized as a leading law firm in The Legal 500. The firm's website can be reviewed at www.vlaw.bg. Pavel Velchev can be reached at +359 2 9545547 or +359 2 9545548 or via e -mail at pavel.velchev@vlaw.bg.
The cooperation agreement between Velchev & Co. and Dickinson Wright PLLC follows similar arrangements with WH Partners in Malta, Varela & Fonseca Abogados in Lima, Peru and MdME in Macau, each of which has internationally recognized lawyers with extensive gaming and business law expertise as part of Dickinson Wright's focus on serving its gaming clients on a truly worldwide basis.
DUGGAN ELECTED DETROIT MAYOR
by Robert W. Stocker II
In a city that is facing difficult financial challenges, including a pending bankruptcy action, Michael Duggan, the former CEO of the Detroit Medical Center complex who is credited with turning around the financially troubled healthcare system and placing it on a sound financial footing, has been elected as the mayor of Detroit. His election is being viewed as a clear message from Detroit's voters that they want to see Detroit's leaders focused on rebuilding the economic base of the city. Duggan had strong support from the Detroit electorate as well as the Detroit and regional business community. Duggan's election is viewed as a very positive development in restructuring city government and city finances as Detroit goes through the pending bankruptcy proceeding, which is currently the subject of extensive hearings before the bankruptcy judge. Duggan has a reputation as a politically and financially savvy leader who can successfully tackle complex political and financial problems. Duggan also has practical experience in connection with the operation of one of Detroit's major income generating industries – the three Detroit casinos. He served as a member of the board of directors of one of the casinos (Greektown) for a limited period of time before stepping down to commence his run for the mayor's office. Given Duggan's impressive track record, there are high hopes that his election as Detroit's next mayor will be a major shot in the arm for accelerating Detroit's turnaround.
DETROIT CASINOS' OCTOBER REVENUES DECREASE FROM SAME MONTH LAST YEAR: MICHIGAN GAMING CONTROL BOARD RELEASES OCTOBER 2013 REVENUE DATA
by Ryan M. Shannon
The Michigan Gaming Control Board ("MGCB") released the revenue and wagering tax data for October 2013 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 4.2% decrease in gaming revenues compared to the same month in 2012. Aggregate gross gaming revenue for the Detroit commercial casinos in October held steady compared to September 2013 figures.
MGM Grand Detroit posted lower gaming revenue results for October 2013 as compared to the same month in 2012, with gaming revenue decreasing by 2.2%. MGM Grand Detroit continued to maintain the largest market share among the three Detroit commercial casinos and had total gaming revenue in October 2013 of approximately $46.3 million. MotorCity Casino had monthly gaming revenue approaching $35.1 million, with revenues decreasing by more than 2.6% in October 2013 compared to October 2012. Greektown Casino had monthly gaming revenue in excess of $24.9 million and posted a 9.6% decrease in revenues for October 2013 compared to the same month in 2012.
The revenue data released by the MGCB also includes the total wagering tax payments made by the casinos to the State of Michigan. The gaming revenue and wagering tax payments for MGM Grand Detroit, MotorCity Casino, and Greektown Casino for October 2013 were:
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