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The study
opens by noting that some studies have suggested that there is a
correlation between the availability of casino gaming and an increase in
personal bankruptcies. However, they noted that the methodology used in
the previous studies lacked scientific controls. In contrast, they noted
that previous studies by the U.S. Treasury Department (in 1999) and a
previous study by NORCO did not find a relationship. Thereafter, the
economists factored into the analysis information relating to
unemployment rates and pari-mutuel wagering in the jurisdictions
involved.
Even more encouraging, the study showed that these casino tourists were
overwhelmingly satisfied with their visit. Over 90 percent indicated
they were likely to visit Detroit again, and nearly the same percentage
(87.5 percent) indicated that they would recommend Detroit to others.
"Conservatively," the study estimates that this group of visitors to the
area spends $164.5 million a year both inside and outside the casino.
Over 50 percent of this group of visitors stayed overnight in a hotel
and participated in additional activities such as dining, shopping,
going to Tiger games and visiting friends. Dr. Hoecake specifically
noted that there is an increase in visitors to the Detroit casinos when
the Detroit Tigers have a home game. Thus, it is apparent that there
truly is a "synergy" in having a wide variety of entertainment options
when seeking to attract tourists.
From the
1950s on, virtually every Mexican president or his political appointees
have made vague noises about re-opening the casinos. The Mexican people,
with the cynicism born of centuries of witnessing high-level corruption,
believed the words were simply a signal for Las Vegas to send another
bagman down with the morbid (bribe) money, to forestall any such action.
The rumors were probably without foundation, but it is worth noting that
a former CIA operative once revealed that from the l950s through most of
the 70s the agency had on its payroll every Mexican president, so
scruples were not an issue.
Once the hold
is set, a casino does not care who, among its customers, wins or loses.
Both are essential to the business. What a casino manager cares about is
how many dollars are wagered. In fact, I suspect that most casino
customers are like me in that they are far more likely to wager a dollar
if they are ahead, rather than behind. From a business perspective,
casino management doesn't care whether I win or lose. They care that I
make the bet. That is why, so often, big-time casino winners are given
complimentary suites by casinos. The casinos recognize that such winners
are far more likely to feel comfortable wagering dollars that they have
previously won. Casinos also recognize that having people win is a big
and essential part of what makes the whole casino experience so much
fun. The casino business is about fun, enjoyment, and a good night on
the town.
The three
casinos in Detroit contributed roughly $100 million to the City over the
past year, are popular forms of entertainment, and have already helped
to spur the City's economy. The casinos can be viewed as the first step
in returning Detroit to the coveted, destination-city status. The next
step for the casinos is to construct, and consequently move into,
permanent facilities, including hotels, conference accommodations, and
restaurants. This step must and will come, and when it does it will be
another welcome step toward the ultimate goal for the City.
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