MGM Mirage Detroit Casino Goes Upward Against Revenue Trends
While casinos nationwide continue to bemoan the economic doldrums they are suffering, at least one U.S. casino is bringing in mobs of new patrons. The MGM Grand Detroit saw its revenue climb almost 20 percent for the first seven months of 2008, including a 22.25 percent climb in July.
During the same month, Detroit's other two casinos experienced a stiff drop in business. Revenues at MotorCity Casino were down 7.26 percent from July of the previous year, while Greektown Casino dropped 6.8 percent.
Upgraded facilities and a refurbished venue have paid off handsomely for MGM Mirage. Last year at this time, MGM and MotorCity were running about even in business, with Greektown not too far behind. But now, MotorCity has remained roughly stagnant, while Greektown has had to deal with a messy bankruptcy.
Meanwhile, MGM has pulled away from the competition, earning a total thus far in 2008 of $342.9 million. The gambling revenue increase at MGM has offset the declines elsewhere to the point that tax income has continued to grow, bringing Detroit $90.6 million, and Michigan $77.3 million.
Greektown has done well enough that it is preparing to exit bankruptcy, and will be completing its improvements, including its 400-room hotel. But, until then, MGM looks to have clear skies in Detroit.
