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Detroit Casinos Get Ready for Competition

DETROIT, Michigan – As reported by the Thoroughbred Times: "While Michigan's horsemen continue their push for video lottery terminals at the state's seven existing tracks and at some future tracks, officials with two of Detroit's three casinos feel threatened by the proposed legislation and said they would initiate steps to offset potential losses if racetrack casinos are legalized.

"...Magna Entertainment Corp., which owns Great Lakes Downs, won approval last fall to construct a $150-million track in the Detroit suburb of Romulus. To get the proposal on the November ballot, as many as 450,000 signatures would have to gathered by July.

"…An economic impact study commissioned by Greektown states that racetrack gaming could result in an 18% to 20% decline in revenues at Detroit's three casinos, which last year reported combined revenues of $1.15-billion…"

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