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Posted At : April 21, 2009 12:35 PM | Posted By : D McKee
Related Categories:
Detroit,MGM Mirage,Sports
Every so often, there's a news story so weird all you can do is report the facts and scratch your head. Case in point, a Monday Detroit Free Press report on the impact of Final Four Weekend on Motown's gambling halls. Perennial also-ran Greektown Casino experienced a 5% decline in gambling revenue April 3-5, even though “We had twice as many people in the building as we did the same Saturday a year before. We had great hotel revenue … great food and beverage," according to CEO Randall Fine. So people are staying there -- they're just not playing there?
No. Evidently the prototypical Greektown gambler is a 55-year-old female slot player and Fine theorizes they fled en masse to MGM Grand Detroit and MotorCity to avoid Final Four fever. (It's a theory hardly without substance: Those casinos' revenues were up 12% and 6%, respectively.) It's a little difficult to imagine the "big game" crowd passing up those two casinos for grind joint Greektown, but there you have it. Remarkable.
Mr. Fine also finds himself in the situation of being a CEO whose own shareholders are trying to oust him -- and never mind that Greektown's market share has grown 2% since his appointment. "This is a major casino" proclaimed a presumably irony-free attorney for the Sault Ste. Marie Chippewa Tribe, owner of Greektown and whose umbrage reportedly came as a surprise to Fine. Considering how badly Greektown was faring under its previous management, perhaps the tribe should put a sock in it and give Fine the chance he's obviously earning.
March in Detroit was a mite frosty where casino revenues were concerned. While MGM may dominate the market, MotorCity (+1%) made tiny inroads, while both the lion house (-4%) and Greektown (-7%) coped with declines.
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