Huffpost Detroit

Greektown Casino Parking Garage Development To Cost $26.8 Million Now Underway

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Flickr: Pikturewerk
Flickr: Pikturewerk

Another multimillion dollar project is underway in Detroit, though the development won't be of much use to anyone but classy Greektown gamblers.

The Greektown Casino-Hotel is building a $28.6 million valet parking garage, the Detroit News reports. The garage's 850 new spaces will bring the casino's total up to 3,750.

And that's not all: The project includes a "fine-dining" restaurant and a moving, elevated walkway across Monroe Street to the casino itself. In a statement, reps for the casino boast the location will make for quicker car retrieval times and easier access for customers.

Greektown, though the smallest of Detroit's three casinos, was the only one to post a slight increase in revenue last month, according to the News, up to $31.8 million compared to last April's $31.6 million.

The casino emerged from Chapter 11 bankruptcy in 2010 with $500 million in debts forgiven from its balance sheet.

News of Greektown's construction comes the same week that Hollywood Casino opened in Toledo, keeping Ohio resident gamblers local and drawing metro Detroit gamblers as well. WDIV reports the city could lose between $7 and $8 million annually in tax revenue from Detroit's casinos thanks to the south-of-the border competition.

The Detroit Free Press puts the number higher, up to $30 million, once Ohio's four slated casinos are built, and says the city gets approximately 15 percent of its general fund revenue from casino taxes. Some officials are looking into increasing Detroit's casino taxes and closing a loophole that doesn't allow the city to tax non-residents' casino winnings.

But competitive projects and the threat of higher taxes haven't seemed to slow casino plans. Developers have proposed eight new casinos for Michigan. If voters approved, two of those could be in the city of Detroit.

Flickr photo by Pikturewerk.

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