Now for our series we call "The Bottom Line." It is more about how people and companies being affected by the recent downturn in the economy. Right now we hear how casinos are faring. From Detroit, Celeste Headlee features more.
CELESTE HEADLEE: There's an assumption on the market that casinos are basically recession proof.
Mr. RICHARD KALM (Executive Home, Michigan Gaming Control Board): When times are good, they are doing good. And when times could be unhealthy, they still seem to perform good or OK.
HEADLEE: Which is Richard Kalm with the Michigan Game playing Control Board. And the concise explaination OK is one hundred ten million dollars in revenues coming from Detroit's three casinos in Cialis Australia Paypal March. Kalm says that's a lot of money, however Australian Kamagra profit growth has retarded significantly for the casinos. And this also year, earnings will likely Cheap Viagra Melbourne keep flat, or see a extremely slight increase. Scott Grigg of the MGM likes to say that casinos are economic collapse resistant, not recession proof.
Mr. SCOTT GRIGG (MGM Grand Detroit): We've seen that sector slow a little bit, and flatten out. And the same thing is going on in Vegas right now the place it's Generic Cialis Online Pharmacy a slower market. Hence, I think that we're entering a region where nobody has been just before right now.
HEADLEE: It's Friday daytime, and the rows of slots in the MGM are already filling along with gamblers. People are craning over sparkly counters at the buffet to look into the roast beef. And groups of chatting women are patiently waiting to check their coats. But Grigg says business used to be even brisker. The MGM recently laid off almost 100 workers, and its hotel room is running at about 52 percent occupancy. Grigg says it's been possibly tougher for Detroit's gaming houses as the economy here has been slow-moving for years now, and won't most likely recover for some time.
Mr. GRIGG: We have been in a singularly different market than everybody else. I mean, we are in the Midwest. Michigan has brought the highest unemployment rate in the country now for what, 14, 20 months?
HEADLEE: Still, local video gaming houses may have an advantage above places like Las Vegas and also Atlantic City. Robin Boyle can be a professor of urban setting up at Wayne State University or college in Detroit. He says when people are usually strapped, travel is one of the primary things to go.
Professor The boy wonder BOYLE (Urban Planning, Wayne Declare University): As the economy is weak overall, there is a force for people to stay close by, they still have discretionary expenditure. Therefore, with three casinos, this is why they are spending their money.
HEADLEE: Scott Grigg claims during tough times, the pounds people spend in gambling establishments are dearer than ever, plus houses that scrimp are going to see a drop in business. The MGM Grand Detroit now boasts trendy restaurants, a 400 home hotel, a spa, as well as nightclubs. Grigg says that helps take people into the doors, together with special incentives to drop a handful of coins in the slots.
Mr. GRIGG: By doing the port tournaments, by giving away your vehicle, by doing some promotions along with table games, you know, you can we feel we can increase traffic to your casino. In addition to cutting expenses, we also want to increase business earnings.
HEADLEE: No one is claiming that the on line casinos aren't making money in Detroit. As well as the city, and the state share in those takings through heavy duty. The MGM alone paid in relation to 170 million dollars with taxes to Michigan Generic Viagra as well as Detroit last year. And there are a lot of jobs at stake, too. Robin Boyle affirms there are close to 8,600 workers at these locations dealings cards, serving food items, and making drinks.
Prof. BOYLE: We do not have a large number of entry level, secure opportunities in the city of Detroit simply because we don't have a retail sector.
HEADLEE: Bill Thompson, of the University of Nv Las Vegas, says the gambling houses will probably make it through the economic slowdown just fine. But, he warns that gambling isn't the proper way to sustain a local economic system. He recently conducted market research of gamers Levitra Uk Suppliers in several expresses.
Professor BILL THOMPSON (Public Supervision, University of Nevada Vegas): We asked how Kamagra Melbourne would you commit the money if you weren't betting, and ten percent said foods. And we said restaurants? And so they said no, grocery Cheap Kamagra stores. And also 25 percent said household things. So, even people that have rare resources will go to the gambling house.
NPR transcripts are created on a speed deadline by a contractor intended for NPR, and accuracy and availability may vary. This text is probably not in its final form and may be updated or changed in the future.
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