Today the spanking new big money Las Vegas-style gambling casino opened in Detroit. The MGM Grand is getting a lot of airplay. It is being called the only Vegas-style casino in a major city (except Vegas).
It includes an 18-story hotel, what appears to be thousands of slots, big-time gaming, high-end restaurants. It really looks impressive.
Note: Detroit has 3 gambling casinos. They opened in 1999, with original plans to operate in temporary locations, but eventually line the riverfront. The riverfront plans were dropped.....and the MGM Grand is the first of the 3 to erect a permanent facility.
The 3 Detroit casinos accumulate revenue in the range of 1.3 billion dollars $ per/year. Since they opened in 1999 they have paid over 1 billion dollars $ in taxes and fees to Detroit.
At the same time, Detroit's crime rate in the downtown area has dropped considerably.
My question: Will this gamble "on" Detroit pay off? Will it lead to further development of the area in and around downtown Detroit?
At first blush.....it's working. Will this continue?
What say you?