Greektown Casino Hoping Hotel Will Turn Around Gambling Revenue

Greektown Casino barely found enough money to complete their new 400 room hotel that will be opening Friday. If they were counting on January revenue to help finish paying for the hotel, they had better think again.

Greektown was the hardest hit Detroit casino in terms of revenue decrease in January. If the first months figures are any indication of how the year will go, the casino might want to reconsider opening the new hotel on Thursday.

Last January, Greektown Casino took in $27.53 million in revenue. That is 11.6% higher than the same month this year, which only net $24.33 million. If there is a saving grace for Greektown they are hoping it is the new casino.

The hotel hit some bumps in the road on the way to being completed. Finally, Greektown owners secured enough financing to complete the job and are readying for the opening later this week. They are extremely market conscious at this point.

The introductory offer to stay at the 400 room hotel is only $99 a night. While that may get travelers going to Detroit excited, be advised that is only a temporary rate.

Of the Detroit casinos, none of them had increases over the previous year, but MGM Grand was close. They had revenue of $45.76 million, down less than two percent from January of 2008.

February 11, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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