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Detroit Casino Revenue Growth Slows Down15 October 2002DETROIT, Michigan – As reported by the Detroit News: "Detroit casinos' revenues rose nearly 5 percent to $89.3 million in September compared with the same month last year, but the gain was the weakest growth rate the industry has seen locally since all three gambling halls have been operating. "It's also the second straight month of single-digit revenue growth. That suggests that the heady days of double-digit gains may not become a regular occurrence again until the casinos build their more lavish properties, including proposed hotels and expanded gambling. "…A host of reasons are to blame for September's more sluggish growth. "For one, the calendar worked against the trio. Weekends are peak times, and this September had only nine weekend days compared with 10 in September 2001. "Also, business has rebounded across the river at Casino Windsor, where revenues plunged 90 percent after the Sept. 11 terrorist attacks raised American-Canadian border-crossing tensions. "Similarly, Las Vegas, whose gambling business also was hurt by the terrorist attacks, also has bounced back. "A final factor is that some local gamblers are getting tapped out. "..MGM Grand Detroit Casino, September's market share leader, eked out a 4 percent increase in revenues to $32.2 million. "Greektown's revenues rose 5 percent to $25.7 million. Through August, its monthly growth ranged from 10 percent to 43 percent. "MotorCity's revenues increased 6 percent to $31.4 million. Historically, it has posted monthly growth rates ranging from 14 percent to 20 percent. "…`The Detroit gaming market continues to exhibit sound growth, despite bumping up against difficult comparisons vs. the prior year,' said Deutsche Bank analyst Joel Simkins…" |