Casinos Continue To Feel Impact of Michigan Economy

For those who believed that casinos revenues were immune to the whims of the general economy, October revenues for the three Detroit casinos provided more evidence to the contrary.

In the aggregate, gaming revenues fell $7.1 million in October for the three Detroit casinos.

The lone bright spot was the MotorCity Casino, which saw its revenues increase slightly to $37.9 million, from $37.7 million in October 2007.

MGM Grand Detroit saw the largest drop, to $48.4 million, from $54.9 million in October 2007. MGM's year-over-year numbers are slightly deceiving, however, as October 2007 was the month of MGM's grand-opening of its permanent casino. Accordingly, its October 2007 revenues were unnaturally high.

Greektown Casino continued its slow march into irrelevance, with its revenues dropping to $24.7 million, from $25.6 million in October 2007.

More Details on Greektown Casino's Expansion

The expansion of Greektown casino's gaming space will reportedly increase the gaming floor area to a total of 100,000 square feet, with the slot floor space increased by one-third. Upon completion of the expansion, Greektown will have approximately 2,600 slot machines.

In addition, the hotel will reportedly feature a 1,100 seat live theater.

July 2008 Detroit Casino Revenues

MGM Grand Detroit: $50.5 million in July 2008, up 23.2% from July 2007, up 19.5% January-July 2008 versus 2007.

MotorCity: $39.6 million in July 2008, down 7.26% from July 2007, down 1.6% January-July 2008 versus 2007.

Greektown: $25.4 million in July 2008, down 13.2% from July 2007, down 6.68% January-July 2008 versus 2007.

Greektown's New Gaming Space To Open August 29

Greektown Casino's new gaming space is scheduled to be completed and open for business on August 29. The new gaming space is part of the renovation of the temporary casino, which is being converted into a permanent casino, together with the construction of the attached garage, which has been open since November, 2007, and the casino hotel, which is scheduled to open in February, 2009.

Greektown Targets September 2009 For Emergence From Bankruptcy

Greektown casino expects to emerge from bankruptcy on September 1, 2009.

Greektown's $150M Loan Approved

The Michigan Gaming Control Board approved Greektown Casino's $150 million construction loan for the completion of the permanent hotel and casino expansion.

The loan has already been approved by the United States Bankruptcy Court.

The loan will allow for the completion of the current construction projects.

Bankruptcy Court Approves Second Part of Greektown $150M Loan

The United States Bankruptcy Court overseeing the bankruptcy of Greektown Casino is approving the second part of the $150 million loan package which will allow for completion of the casino's expansion and permanent hotel.

The loan still awaits approval from the Michigan Gaming Control Board.