Greektown Revenues Dropped During Final Four

What?!?! From Crain’s:

Despite having Detroit filled with basketball fans, the weekend of the Final Four produced a 5 percent drop in revenue for the Greektown Casino Hotel compared to the prior weekend.

Revenue meanwhile, increased by 12 percent at MGM Grand Detroit and 6 percent at MotorCity Casino Hotel.

The problem?

Too many people at the casino but not enough of them gambling, said Greektown CEO Randall Fine.

“If you think of it as the day after Thanksgiving, and you can chose to shop in two places — one that’s packed the other that’s an island — you’ll go where you can get your shopping done,” he told the Michigan Gaming Control Board.

Fine said the typical gambler avoided the sports fan-packed Greektown.

“So, what do these people do? Stand around and not gamble?” asked board member Barbara Rom.

“Pretty much,” Fine responded.

Overall, total revenue for all three casinos was down 3 percent in the month of March compared to March 2008.

MGM Grand had the highest revenue at $48.4 million, and decreased 2.09 percent from February and 3.58 percent from March 2008.

MotorCity brought in $41.6 million and increased 4.08 percent from February and was up .79 percent from March 2008.

Greektown revenue was $30 million and increased 8.97 percent compared to February but decreased 7 percent compared to March 2008.

Total revenue for all three casinos in March was $120 million, representing $10.9 million in city and state tax revenue.