Detroit Casino Shares Up Slightly
There may be a dark cloud over Detroit's pivotal auto industry but a dim light shined over its casino industry with news Tuesday that the big three casinos revenues rose slightly.
The Michigan Gaming Control reported a rise of 1.84 percent with MGM Grand Detroit finishing the year with $578 million in revenue, MotorCity Casino ending with $464 million in revenue and Greektown Casino finishing up with $316 million.
Combined revenue dropped to $104 million in December, however, down 8.1 percent compared with the same month last year, following a November decline of 6.74 percent.
MGM witnessed a drop of 2.47 percent; MotorCity 11.52 percent and Greektown 12.76 percent.
Gaming market shares in Detroit for December show MGM Grand with 44 percent, MotorCity with 33 percent, and Greektown with 23 percent.
The Greektown Casino is Detroit's smallest of the three and declared bankruptcy this past year. They plan to open a hotel next month.
The city and state took in a total of $126.4 million in wagering taxes, down 21 percent from the $160.1 million collected in 2007.
Detroit's casino gains come as the nation's gaming industry was shaken by one of its toughest years on record with revenue falling 9.3 percent through November in Las Vegas and similar declines recognized in Atlantic City.
Jagajeet Chiba, Gambling911.com
