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Detroit Casinos' Take Soars16 November 2001DETROIT, Michigan –- As reported by the Detroit News: "October was the strongest month ever for Detroit's two-year-old casino industry, with revenues up 47 percent from the same period last year due to strong results at the newest casino, border problems plaguing a Canadian rival, and travel skittishness keeping Michigan gamblers closer to home. "…Combined revenues rose to $93 million from $63.2 million a year ago. Through the first 10 months of 2001, revenues are $821.1 million, up 36 percent, according to figures released Thursday by the Michigan Gaming Control Board. "…Patrick Diedrickson, H&R Block Financial senior analyst, said the October numbers were higher than he expected. He had predicted they'd be similar to the $85.2 million reported in September, but the October numbers were up 9 percent from the previous month. "The improvement in Detroit casinos' revenues are partly due to the fact that tighter border security has discouraged gamblers from crossing Canadian checkpoints to visit Casino Windsor -- previously the region's busiest gambling hall. "…For weeks after Sept. 11, Casino Windsor reported that its business levels were off by 50 percent. That would have been the equivalent of $675,000 a day, or $20.9 million in October. "To spur business, Casino Windsor slashed room rates, stepped up advertising and enhanced gamblers' perks. "…While Windsor's revenues are down between $17 million and $21 million on a monthly basis, revenues for Detroit's casino industry rose $29.8 million in October, suggesting the improved performance did not come solely from the border problem. "…Second, Detroit casinos cater mostly to `locals' and visitors within a short driving distance, as opposed to airline-dependent tourists. With consumers wary about airline travel, business in Las Vegas has slowed while financial results in local gambling markets are holding up…" |