Greektown casino

Stateside
5:41 pm
Mon July 8, 2013

Detroit's three casinos are showing a decline in revenue

Mike Russell

As revenue shrank and budget holes grew, the City of Detroit has turned to its three casinos for badly needed tax revenue, as well as jobs.

And at a time when an emergency manager is running the show, and bankruptcy is looming, it is not great news to hear that all three Detroit casinos posted a decline in revenue from May 2012 to May 2013.

Jake Miklojcik is the President of Michigan Consultants. He's an economic analyst, and he joined us today to talk about what’s causing the revenue drop and what can be done about it.

Listen to the full interview above.

Business
8:18 pm
Wed January 16, 2013

Gilbert-owned company branching out into Detroit casinos

Credit wikimedia commons

A gaming company run by Detroit billionaire Dan Gilbert has announced plans to move into the city’s casino business.

Quicken Loans founder Gilbert owns Rock Gaming, which already owns
several gambling sites in Ohio.

Now, one of the group’s subsidiaries has announced it will buy a
majority stake of the company that runs Detroit’s Greektown
Casino-Hotel.

Gilbert says in a statement they envision a “significant investment”
in the Greektown casino, “as well as the enhancement and growth of the
existing entertainment district.”

The Michigan Gaming Board will need to sign off on the deal.

They hope to grow that area as well, building on what Gilbert calls
“the positive momentum” now going in downtown Detroit.

Gilbert himself is partly responsible for that momentum.

He’s been buying up much of the major commercial real estate in
downtown Detroit in pursuit of a vision he’s dubbed “Detroit 2.0.”

The vision is a vibrant downtown district to “live, work, and play,”
centered around tech start-ups along Woodward Avenue, which Gilbert
calls “Webward” Avenue.