by: Glenn Haussman.
The Detroit gaming industry got a shot of adrenaline with last month’s opening of the MGM Grand Detroit, the first Las Vegas style resort in Motor City.
Year over the year the revenue gains for the city’s three casinos were up a combined 14.9 percent to $118.2 million compared to October 2006.
The lion’s share of the gains of course went to the new MGM property, which is a stunning $800 million facility with the latest in amenities not found at its local competition. The MGM Grand Detroit saw a revenue jump of 38.4 percent in October to $54,888,849.43. Additionally, MGM expanded its market share to 46.4 percent from 34.8 percent in September and 38.5 percent in October of 2006. In fact, Motor City saw gains of a very paltry one percent. It took in $37.7 million. Greektown however saw its revenue drop 1.0 percent to $25.6 million.
Overall this year, the three casinos took in a total of $1,108,165,866.35 and paid the city more than $134 million in taxes at a 12.1 percent rate. MGM Grand has brought in $419,951,157.97 this year while Motor City casino reaped revenue of $402,385,262.77. Greektown Casino brought in revenue of $48,688,616.80 in 2007 through October.
MGM Grand Detroit offers upscale gaming including the latest table games and slots. Guests can enjoy classic favorites or touch up on multi-line video slots, ranging from 1-cent to $100. Ther are more than 90 table games and 16 types of table games. The property also has 400 chic and stylish guest rooms. The casino is also the first resort to feature world-class restaurants from a variety of celebrity chefs. There are three signature restaurants from Michael Mina and Wolfgang Puck. Two-time James Beard Award-winner Michael Mina brings a new steakhouse concept to Detroit with BOURBON STEAK, featuring a classic menu, inviting bar and modern atmosphere. Mina’s other restaurant is SALTWATER, which features contemporary seafood and refined American cuisine. WOLFGANG PUCK GRILLE is a contemporary version of the classic “bar and grill” featuring modern American cuisine accentuating Puck’s trademark standards for creating incomparable tastes.
This past June, Motor City debuted the first phase of a $275 million dollar renovation at MotorCity Casino's current site. Though it was originally to be a temporary location, the facility is now permanently located there. The project includes expanded gaming space totaling 100,000 sq. ft. and a new 17-story, 400 room hotel tower. The project also includes convention and banquet space, a 1,200 seat theater, a spa, retail outlets, new dining options and additional parking and is expected to be complete in fall 2007. This project will change the face of entertainment in the City of Detroit by offering a spectacular combination of entertainment, banquet, spa and gaming options that draw on Detroit's automotive, music and sports heritage. The expanded facility incorporates the historic Wagner Baking Company building and has been under construction since 2006. The cornerstone of the Wagner Baking Company is being fully restored to its original condition circa 1915, preserving the signature feature of the 85-year-old Detroit landmark.
Meanwhile Greektown Casino is in the middle of building the new permanent Greektown Casino and hotel. The project will open in fall 2008 and will include a multi-purpose theater, buffet, three restaurants, an expanded gaming floor, and 25,000 square feet of additional gaming space. The Tribe’s total investment in the permanent Greektown Casino project will be about $500 million.
Located at 555 E. Lafayette Avenue in Detroit's Greektown Entertainment District, Greektown Casino features more than 2,500 slot machines and more than 90 table games in 75,000 square feet of luxurious Mediterranean-themed gaming space.
© Copyright 2007 Gambling Central's material. It may not be published, broadcast, rewritten, or redistributed.
[ Back ]
|
![[ Enlarge Image ]](images/public/blog/original_Detroitgaming.jpg){kind=link}