First floated as a redevelopment strategy in 2007, Detroit's gamble on casinos has yielded a mature market. Now come reports that even a big name investor hasn't been able to turn around the Greektown Casino.
"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," reports Michael Martinez.
Quicken Loans founder and CEO Dan Gilbert bought majority interest in the struggling Greektown Casino-Hotel in April 2013, stating plans for a $150 million renovation. According to filings with the Securities and Exchange Commission and reported by Martinez, however, Gilbert has scaled back the renovation to $25-50 million.
The scaled back renovation plans reflect deflating revenues at all three of Detroit's casinos (local gaming revenue is on pace for a third-consecutive year of decline): "Last year, Greektown’s revenue fell the sharpest of Detroit’s three casinos, down 6.7 percent, to $328.3 million. By comparison, revenue dipped 6.3 percent in 2013 at MGM Grand and 1.2 percent percent [sic] at MotorCity."
FULL STORY: Greektown Casino scales back renovation plans amid revenue slide
Oregon Passes Exemption to Urban Growth Boundary
Cities have a one-time chance to acquire new land for development in a bid to increase housing supply and affordability.
Where Urban Design Is Headed in 2024
A forecast of likely trends in urban design and architecture.
Savannah: A City of Planning Contrasts
From a human-scales, plaza-anchored grid to suburban sprawl, the oldest planned city in the United States has seen wildly different development patterns.
Washington Tribes Receive Resilience Funding
The 28 grants support projects including relocation efforts as coastal communities face the growing impacts of climate change.
Adaptive Reuse Bills Introduced in California Assembly
The legislation would expand eligibility for economic incentives and let cities loosen regulations to allow for more building conversions.
LA's Top Parks, Ranked
TimeOut just released its list of the top 26 parks in the L.A. area, which is home to some of the best green spaces around.
City of Rochester
Boston Harbor Now
City of Bellevue
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Birmingham, Alabama
City of Laramie, Wyoming
Colorado Department of Local Affairs
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.