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Tue December 25, 2012
Michigan casinos & the 'fiscal cliff'
Michigan’s casino industry could face some problems if the nation falls off the ‘fiscal cliff’ at the end of the year.
The president and Congressional leaders have not reached a compromise to avoid the combination of spending cuts and tax increases, commonly known as the ‘fiscal cliff’.
It’s estimated the average household’s disposable income could lose a thousand dollars next year, if the ‘fiscal cliff’ is not avoided.
Moody’s, one of the nation’s leading credit rating agencies, predicts casinos will be among those hardest hit.
Jake Miklocjik is an analyst who closely follows the casino industry in Michigan. He says the state’s two dozen casinos should fare better than those in Las Vegas, since the Michigan casinos are closer to their core clientele.
"By itself, when I look down through the fiscal cliff issues…I don’t really see a big impact on Michigan casinos," says Miklocjik.
Miklocjik says Michigan’s casinos face more threats from other forms of gambling than they do from the fiscal cliff.