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12.29.06
2007 Industry Outlook:
More tough times ahead
Experts say Michigan's jobless rate will grow in '07
Detroit News Business Staff
This year was a somber one in Michigan, with only a few bright spots for businesses. And 2007 will bring more of the same, experts say.
The domestic auto industry will continue to downsize as it strives to hold its own against global competition. The housing market will remain soft as the state works to replace thousands of auto jobs.
On the plus side, commercial building activity and retail spending should remain healthy, analysts say.
Here's an industry-by-industry breakdown of what's ahead in 2007...
...Casinos
Casino expansion in Detroit in 2007 is the hot topic.
Both the MGM Grand Detroit Casino and the MotorCity Casino will be battling to see who can open it doors first with permanent casino/hotel/convention facilities.
Both are targeting the fourth quarter for completion.
The third Detroit casino -- Greektown Casino -- is lingering far behind with a completion date now set for sometime in September 2008.
Both MGM and MotorCity have now capped their new 17-story, 400-room hotels and are planning to work on the interiors this winter.
"We're moving right along," MotorCity spokeswoman Jacci Woods said. "Our expanded casino will open sometime in the first quarter of 2007 with the hotel completed near the end of the year."
Jacob L. Miklojcik, president of Michigan Consultants in Lansing, a gaming expert, said at this point, it's a 50-50 shot whether they'll get open this year or early next year.
"The land and permits are the killers. Once you have that and the financing, you want to get that sucker open."
Miklojcik said he'd be surprised if there isn't a push in 2007 to expand the number of commercial casinos in Michigan from its current three in Detroit. It would require a change in the state law.
"The move will come in 2007, but whether or not it's successful is another matter," he said.
Casino expansion in Detroit in 2007 is the hot topic.
Both the MGM Grand Detroit Casino and the MotorCity Casino will be battling to see who can open it doors first with permanent casino/hotel/convention facilities.
Both are targeting the fourth quarter for completion.
The third Detroit casino -- Greektown Casino -- is lingering far behind with a completion date now set for sometime in September 2008.
Both MGM and MotorCity have now capped their new 17-story, 400-room hotels and are planning to work on the interiors this winter.
"We're moving right along," MotorCity spokeswoman Jacci Woods said. "Our expanded casino will open sometime in the first quarter of 2007 with the hotel completed near the end of the year."
Jacob L. Miklojcik, president of Michigan Consultants in Lansing, a gaming expert, said at this point, it's a 50-50 shot whether they'll get open this year or early next year.
"The land and permits are the killers. Once you have that and the financing, you want to get that sucker open."
Miklojcik said he'd be surprised if there isn't a push in 2007 to expand the number of commercial casinos in Michigan from its current three in Detroit. It would require a change in the state law.
"The move will come in 2007, but whether or not it's successful is another matter," he said.
-- Joel J. Smith
Casinos: Marian Ilitch, owner of MotorCity Casino. Ilitch is one of the few female and sole owners of a major casino in the United States. MotorCity's $275 million expansion of the casino, which includes a 400-room hotel, is expected to open in late 2007.
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