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Detroit casinos hit wall23 January 2008DETROIT, Michigan -- As reported by the Boston Herald: "A trio of casinos similar to those proposed by Gov. Deval Patrick have hit a wall in Detroit, leaving the cash-strapped city reeling from plummeting gambling revenues and sending a harsh warning to Massachusetts. "A Herald review shows revenue generated by three Motor City casinos was down $82 million in 2007 while the state's take fell by $10 million. "...Patrick's controversial plan for two commercially operated casinos and one Indian gaming hall has been a reality in Detroit since voters legalized gambling more than a decade ago. "The city's casinos made $1.303 billion in 2006 but revenue dropped 6 percent to $1.221 billion last year, despite massive expansions. The amount paid to the state, meanwhile, fell 6 percent in 2007, according to the Michigan Gaming Control Board. "That's bad news for Patrick's headline-grabbing 2009 budget plan, which calls for $300 million in casino license fees to pay for schools, public safety, transportation and much-needed tax relief..." |