From now on the event will be known as the Woodward Dream Cruise presented by the MotorCity Casino Hotel, now that the casino has become the presenting sponsor of the parade of classic and collectible cars.

Tony Michaels, executive director of the WDC, made the announcement this morning at a press conference at the casino hotel.

"For nine years, the MotorCity Casino has been a sponsor of the Woodward Dream Cruise," said Michaels, flanked by a gleaming 1931 Ford deuce coupe and a 1950 Mercury.

"This year, they stepped up to become the presenting sponsor of the 15th annual Woodward Dream Cruise. The Woodward Dream Cruise is here to stay; it will be better than ever with this new sponsorship."

While he declined to provide specific numbers, Michaels said the casino's monetary commitment to the cruise would be significant.

"The casino will help with the cost of entertainment in the participating communities," Michael said. "The casino is in the entertainment business and so will also help line up entertainment for the dream cruise."

Rhonda Cohen -- chief operating officer of MotorCity Casino Hotel, which is owned by the Ilitch family -- touted the fact that theirs is the only locally owned and operated gambling establishment in Detroit.

"We're the home team," Cohen said. "In light of other sponsors pulling out, we decided to make cutbacks elsewhere and step up on participation in the cruise ... the world's largest one-day classic car extravaganza."

Michael's shrugged off a recent announcement by the city of Birmingham that it would pull out of the official WDC and would stage its own cruise on the day of the WDC.

"Woodward has tried several approaches to the cruise in the past," Michael said. "The important thing is that it's a great event all the way up and down Woodward."

Michaels indicated that the cruise was working on securing two other major sponsors for the event and said negotiations were also ongoing with Chrysler.