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Detroit Casinos Bounced Back in July16 August 2002DETROIT, Michigan – As reported by the Detroit News: "Detroit's casino business, which in June showed signs of slowing down for the first time since all three gambling parlors have been operating, bounced back in July with combined revenues up 15 percent to $93.5 million. "`Detroit's gaming market continues to be robust,' Deutsche Bank analyst Joel Simkins said. "In June, combined revenues for MGM Grand Detroit, MotorCity and Greektown casinos rose only 10 percent, the trio's smallest spurt ever. "In July, however, their growth rate edged up closer to the 19 percent to 29 percent margin from earlier months. "…One reason for Detroit casinos' improvement is Casino Windsor's slowdown. The Ontario gambling parlor's results have rebounded since the Sept. 11 terrorist attacks raised border tensions, but they're still down 13 percent. "…MotorCity, which opened in December 1999, saw revenues rise 21 percent to $34.6 million. It posted the strongest growth this year. It's also the market-share leader year to date. Its $239.4 million in revenues edges out MGM's $236 million. "…On July 24, executives at MGM Mirage in Las Vegas said its Detroit business was down more than 10 percent due to the Lodge construction. But business rebounded by late July, fulfilling local executives' prediction that MGM would actually post higher revenues because of more marketing promotions. Revenue at MGM, which opened in July 1999, was $30.8 million. "Revenues at Greektown, which opened in November 2000, rose 24 percent to $28.1 million…" |