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November 10, 2009

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Detroit’s daily casino revenues up 25 percent

Tuesday, Jan. 9, 2001 | 10:13 a.m.

Before Greektown opened in November, Detroit's MotorCity Casino and MGM Grand Detroit generated close to $2 million in daily gambling revenue. With Greektown, the revenue shot up to $2.5 million, reported The Detroit News on Tuesday.

"That's a pretty significant number," said Thomas Graves of Standard & Poors in New York City. "You don't typically see that kind of growth."

Analysts expect Detroit's gaming market to approach $1 billion this year, up 25 percent over 2000.

That's good news for Detroit's city treasury and Michigan's school aid fund, which take a cut of casinos profits.

"Although there is some cannibalization with the third casino opening, it's nice to see the overall market grow. It's encouraging," said Patrick Diedrickson of H&R Financial Advisors in Detroit. Diedrickson said he suspects the growth has come from people who already were gambling before Greektown Casino opened.

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