Who says the house never loses at gambling sites?
Greektown Casino-Hotel lost nearly $31 million in 2013 and predicts another money-losing year in 2014, JC Reindl writes in the Free Press. He's reporting on an annual earnings statement from the downtown Detroit attraction.
That document, released Friday, also says the casino's new owner -- Dan Gilbert -- will spend $125 million to $150 million on renovations.
The report for the first time put a dollar amount on the upgrades being planned for the property by the Quicken Loans founder’s Rock Gaming organization. . . .
The renovations and upgrade will include new slot machines. The work is scheduled to begin in the second half of the year and take two years. . . .
Greektown hasn’t reported a profit since emerging from bankruptcy in June 2010. . . .
Greektown Casino has just under 25% of the city’s casino market, behind MotorCity Casino Hotel and MGM Grand Detroit.
