Can Casinos Save Detroit?
Detroit's shaky foundation of recovery may be backed by placing bets behind its local casinos. A trial to approve Detroit's plan to exit its $18 billion bankruptcy, the largest municipal crash in U.S. history, begins in late July. Revenue projections needed to stave off bankruptcy may be too ambitious. Even though Detroit gambling taxes are a stable source of money, casino revenue has declined recently in Detroit in the face of competition with traditional gambling hubs like Nevada and New Jersey as well as relative newcomers to the wagering scene. Figures released yesterday by the New Jersey state Division of Gaming Enforcement showed the casinos had a gross operating profit of $38.7 million which is a decline from previous revenue.
Detroit, unlike Las Vegas, is sitting in what is sadly considered an urban wasteland. Gems sitting in the middle of a struggling city shades the attraction of the glittering casinos. Las Vegas casinos like Caesar's Palace and Wynn Las Vegas have spectacular nightly shows, and high-end bars, restaurants and shops. Moreover, Detroit's casino tax is based on gambling revenue alone.
Experts also look to Las Vegas as a leading indicator in gambling behavior. According to the Center for Business and Economic Research at the University of Nevada, more people now visit the Vegas strip to eat and go night clubbing than gamble.
Casino revenue from Atlantic City has roughly halved since 2007, a drop no one saw coming. Total U.S. casino revenue in 2012 was still just shy of a 10-year peak of $37.5 billion set in 2007, according to the American Gaming Association.
New Jersey is another state that looks to gambling for economic recovery, and legal New Jersey online gambling is the next big hope to help increase revenues. One such legal New Jersey casino is CaesarsCasino.com. Caesars online casino no download is a fully regulated, legal gaming site in New Jersey. They do strictly adhere to the rules of responsible gaming and only permit people over 21 years of age who are physically in the State of New Jersey to access their online games.
