New casinos to yield $181 mil. in taxes

Friday, Aug. 20, 1999 | 4:04 a.m.

DETROIT -- Detroit's three new casinos will result in an estimated $181 million in tax revenues for Detroit and the state of Michigan, according to a new study.

The study was published by Michigan Consultants Inc. of Lansing, Mich. According to the Detroit News, the city's cut of tax revenues will be more than $85 million. Detroit's overall budget is $2.9 billion.

MGM Grand Inc. recently opened a Detroit casino at a cost of $203 million. The MotorCity and Greektown casinos are expected to open by year's end, at a cost of $150 million each. The three casinos are expected to create 8,200 jobs, including 5,900 at the casinos themselves, according to Michigan Consultants.

The city is anticipating first-year casino revenue of $54 million in 1999, Mayor Dennis Archer told the News, because the other casinos have yet to open. Funds from the casinos will help offset a recent tax cut announced by Archer.

archive