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Detroit Casino Revenues Slump14 February 2003DETROIT, Michigan – As reported by the Detroit News: "Detroit's casino industry, once seemingly invulnerable even after the September 2001 terrorist attacks caused other local businesses to sputter, saw revenues slump for the fourth straight month in January. "The period marked the industry's steepest decline ever and the first time that all three Detroit gambling halls suffered lower business volumes simultaneously. MGM Grand Detroit, MotorCity and Greektown casinos had combined January revenues of $87.9 million, down 7 percent from the year-ago period. "…Detroit's casinos cite a host of reasons for the downturn. Economically dispirited gamblers are cutting back on their wagering. Travel to Las Vegas has picked up since the terrorist attacks. "Finally, while cross-river rival Casino Windsor says its business was flat in January and December, its numbers have been moving in the right direction since the attacks resulted in tighter border security. "…MGM Grand Detroit. Its gamblers left behind 12 percent less cash than they did in January 2002, with revenues falling to $31.1 million. "…MotorCity. It pulled in $32.3 million, edging down 3 percent. "…Greektown. Its revenues dropped 6 percent to $24.5 million. "…Detroit executives concede that consistent revenue gains might not resume until 2006 when the now bare-bones casinos open hotels, conference space and expanded gambling and restaurant options…" |