December 8th, 2010 – by Glen Farmer
Casinos in Detroit are also feeling the effect of the recession. Casinos in Detroit have reported a 2 percent slide in revenue from October to November.
A total of $111.4 million generated by the casinos, despite having slipped over the month of November, was nearly 5 percent higher than 2009, according to figures released by the Michigan Gaming Control Board.
According to the MGCB, the MGM Grand Detroit announced an 11.4 percent increase in revenue over November. They showed revenue of $47.7 million, which compared to the $42.9 million generated in 2009. This was a 2% increase over October’s 46.8 million.
The MGM Grand Detroit is now the largest casino in terms of market share.
Greektown Casino dropped a significant 10.2 percent, having posted revenue of 26.5 million in November. In October, the Greektown showed revenue of $29.5 million.
The MotorCity Casino Hotel had also experienced a gain in revenue. MotorCity showed a 6.2 percent jump in November, increasing from $35 million to $37.1 million over the month.
A majority of the market share is held by MGM Grand Detroit, who holds 42.9 percent of the gambling revenue in the state. MotorCity holds 33.3 percent of the city’s gambling revenue.
Many casinos in the United States are reeling from the recession, and bankruptcy is on the horizon for many of them. Detroit’s casinos, despite the slight drop, are still in fair shape.