{"id":4300,"date":"2010-08-10T11:11:30","date_gmt":"2010-08-10T19:11:30","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=4300"},"modified":"2010-08-10T12:21:07","modified_gmt":"2010-08-10T20:21:07","slug":"americas-growth-market-is-detroit","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/americas-growth-market-is-detroit\/","title":{"rendered":"America&#8217;s growth market is &#8230; Detroit?!?!"},"content":{"rendered":"<p><img loading=\"lazy\" class=\"alignleft size-full wp-image-1386\" title=\"Greektown\" src=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/11\/Greektown1.jpg\" alt=\"\" width=\"320\" height=\"195\" srcset=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/11\/Greektown1.jpg 320w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/11\/Greektown1-150x91.jpg 150w, https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-content\/uploads\/2009\/11\/Greektown1-300x182.jpg 300w\" sizes=\"(max-width: 320px) 100vw, 320px\" \/>Despite being in one of the two hardest-hit regions of America, <strong>Detroit<\/strong> has posted casino-revenue gains in five of the last seven months. It&#8217;s done this without significant new casino product (unlike <strong>Missouri<\/strong>, which is -4% once <strong>River City<\/strong> is subtracted) and without new games (unlike <strong>Pennsylvania<\/strong>). Given not only the Great Recession but the high unemployment in <strong>Michigan<\/strong>, Motown&#8217;s three casinos are obviously doing something right.<\/p>\n<p>Well &#8230; except maybe <strong>Greektown<\/strong> (<em>above<\/em>), where revenue continues to slip ($30.5 million or -3.5%) as the owners struggle to find new management after a group of former <strong>Station Casinos<\/strong> executives (<em>aka<\/em> <strong>Warner Gaming<\/strong>) left G&#8217;town in the lurch. Pink-slipping <strong>Fine Point Group<\/strong>, which had overseen an impressive turnaround, is really coming back to haunt post-bankruptcy Greektown. <strong>MGM Grand Detroit<\/strong> (+5.5%, $50 million*) continues to be the big dog, exceeding analyst projections, while <strong>MotorCity<\/strong> is in distant second place at $38 million (but also 5.5% up from last year). When one looks at how anemic the <strong>Illinois<\/strong> market has become, the continued reliability of Detroit is one of the best stories in gaming today.<\/p>\n<p>* &#8212; Cash flow at <strong>MGM Grand Macau<\/strong> was a comparatively puny $19 million for the entire second quarter. It&#8217;s not an apples-to-apples comparison but it makes Detroit&#8217;s performance no less impressive.<\/p>\n<p><strong>Signs of life are springing up<\/strong> in the vicinity of <em>LVA<\/em> HQ, the first in<!--more--> several years. A couple of egregiously empty lots have been fenced in and converted to storage space. Heck, even a &#8220;roach coach&#8221; set up shot across from the <strong>Huntington Press<\/strong> building this morning. Going back two years or more, these are the first &#8220;green shoots&#8221; we&#8217;ve seen &#8230; unless you count the bramble bushes that dot the sidewalks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite being in one of the two hardest-hit regions of America, Detroit has posted casino-revenue gains in five of the last seven months. It&#8217;s done this without significant new casino product (unlike Missouri, which is -4% once River City is &hellip; <a href=\"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/americas-growth-market-is-detroit\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[28,44,14,62,11,39,95,57],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4300"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=4300"}],"version-history":[{"count":3,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4300\/revisions"}],"predecessor-version":[{"id":4307,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/4300\/revisions\/4307"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=4300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=4300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=4300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}