PROJECT DESCRIPTION: Year-Long Property Management Contract
OVERVIEW: FPG was approved by the US Bankruptcy court and the associated Creditor Committee to manage Greektown Casino in Detroit, Michigan to improve operations and profitability during the course of its lifecycle through bankruptcy – which happened to occur during the worst economic recession ever to hit Detroit and the country in decades.
SOLUTION: Performance improvements came primarily through overhauling all five marketing disciplines which increased player trips to the casino from existing customers as well as comprehensive cost control efforts. Leveraging our 2+2+2 methodology, we immediately stemmed the tide of market share losses and cash flow declines, generating sequential and year-over-year improvements within weeks of getting involved.
RESULT: Our firm exceeded all expectations in the year-long engagement. The graph below shows the associated turnaround in which we drove revenue to the highest levels ever experienced at the property, as well as surpassed all profitability targets.
EBITDAR as Compared to Plan