Casino News

MGM Grand Detroit sees 55.9 per cent growth

2007-11-20 15:03:39

MGM Grand Detroit has reported a monthly profit of $54.9 million (£27 million) in October, a 55.9 per cent increase since September.

The rise in fortunes for MGM has been attributed to the opening of its new $800 million casino and hotel complex.

MGM spokesman Scott Grigg said the figures were on a par with company expectations, suggesting that the casino giant was confident that its new venture would be a success.

"Clearly, this is very impressive," said Jacob L Miklojcik, president of Michigan Consultants, to the Detroit News.

"It's a very encouraging number, that's for sure. This appears to be mainly new growth, but the first year could be the best year because people want to try it out."

MGM's new Detroit casino features two 100,000 sq ft of gaming space, two celebrity-chef restaurants, five bars and lounges and a 20,000 sq ft spa.