Sunday, 13 May 2012 13:30

Report: Ohio casinos will hurt Detroit's budget

Written by  Administrator
Rate this item
(0 votes)

Authors:

DETROIT (AP) -- A consulting company says Detroit's hard-pressed treasury can expect to take another hit as neighboring Ohio opens four casinos in competition with the three that operate in Detroit.

The global management company McKinsey & Co. says Detroit's treasury stands to lose up to $30 million in annual casino tax revenue by 2015 as some gamblers switch to Ohio's casinos.

The Detroit Free Press ( http://on.freep.com/Ke1xIY ) reports that Detroit got about $177 million of its $1.2 billion general fund budget in the last fiscal year from casinos.

The Horseshoe Casino in Cleveland opens Monday, and the Hollywood Casino in Toledo opens May 29. Casinos in Columbus and Cincinnati are to follow.

The McKinley report says the Detroit casinos get 80 percent of their revenue from people living within 150 miles.

---

Information from: Detroit Free Press, http://www.freep.com

Read more http://hosted.ap.org/dynamic/stories/M/MI_DETROIT_OHIO_CASINOS_OHOL-?SITE=WAKR&SECTION=HOME&TEMPLATE=DEFAULT

Administrator

Administrator

E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it




AkronNewsNow

Copyright © 2013 AkronNewsNow & Rubber City Radio Group |All Rights Reserved |  1795 West Market Street | Akron, OH 44313 | 330.869.9800