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Detroit Casino Investors See Solid Return19 February 2002DETROIT, Michigan – As reported by the Associated Press: "About 130 local investors who own a piece of one of the city's three casinos have seen a solid return on their investment. "Quarter after quarter, publicly traded Mandalay Resort Group and MGM Mirage tell Wall Street that MotorCity and MGM Grand Detroit are standouts in their casino empires. "Those who paid $25,000 to get in on the ground floor of local ownership for MotorCity, for example, have seen the value of one unit rise to about $250,000. "…From an income standpoint, however, a MotorCity stake hasn't yet been a boon to the bank book; much of the cash now is going toward repaying the $150 million temporary casino's debt in only four years. …"`We've got to service our debt and be prepared to expand,' said Marvin Beatty, one of 10 locals owning the 10 percent of Greektown not owned by a Michigan Indian tribe…" |