Some cities in the US have not fared as well as others since the recession and Detroit Michigan is one of them. All you have to do is drive through the city and you can easily see the desolation- boarded up homes, homeless, and abandoned business storefronts. The city took its huge toll due to its reliance almost-completely on automobile manufacturing.
The city had no secondary market to speak of and this put millions of people in a difficult financial state. Throughout the city more than sixty-percent of residents were employed at various manufacturing plants. When they shut down, it put a huge group of people in the unemployment lines. This of course led to a myriad of other problems to work with- people suddenly had to deal with foreclosures and joblessness. This put an added strain on the entire state.
Now, Detroit is still struggling but legislators there have a plan. One of the most lucrative hobbies in the states today is online gambling. Legislators all over the world know how much money comes in thanks to gambling and are fully ready to explore the possibilities for the future. It isn’t all positive though- there is plenty of change going on in terms of gambling that could leave the market that much more strained for that much longer.
One of the biggest problems Detroit gaming officials have had to deal with is the shutting down of Greektown Casino and Hotel. This was formerly a big money-maker for the state but since the recession it has not been performing as well as it did in the past. Eventually the casino had to file for bankruptcy and shut down.
Though there were still some patrons coming in, most were unable to continue to wager at the same levels they did prior to the recession. Their lack of patronage is what caused the decline in revenue. The city should not be completely counted out though when it comes to gambling. They are replacing this closed-down casino with a new $245-million gambling facility.
Last month Michigan introduced an online gambling bill where issues licenses for Online Casino and Internet Poker and gives a chance to take part on the iGaming industry. This bill will allow wagers on online gambling sites if the bill pass along with the agreements.
The hope is that the online casinos will be able to not only replace the old revenue stream, but double and even triple it in the future. This is something that the city needs to truly start to turn things around. The millions of tax revenue dollars in potential are enough of a reward to keep pushing for gambling development.