Quicken Loans founder Dan Gilbert is learning that he doesn't have the Midas touch when it comes to the Greektown casino.
Michael Martinez of the Detroit News reports that more than a year after Gilbert acquired the casino, its revenues continue to decline. It has the least revenues of the three casinos and its fortunes are declining quicker than the others, the News reports.
The News reports that Gilbert's plans to upgrade the casino have been scaled back.
Martinez writes:
Analysts say Detroit’s gaming market is saturated, with increased competition from new Ohio casinos and aging patrons who are choosing to entertain themselves in other ways — all of which contribute to leaner bottom lines for casino operators.
“I don’t think Greektown is a cursed location,” said Alex Calderone, a casino restructuring expert with Birmingham-based Calderone Advisory Group LLC. “I don’t think the issue is mismanagement, poor customer service or anything of that nature. I just think we’re in a mature market.”
