WASHINGTON — The struggles and bankruptcy of the famed Motor City of Detroit has been well-documented. Now, some suggest that the city could gain back valuable and needed revenue from casino gamblers.
Reuters published an analysis that suggested that gambling revenue could save the struggling Motor City.
There are three casinos in Detroit and are a significant part of the city’s emergency manager Kevyn Orr. Orr, appointed by Republican Governor Rick Snyder, is trying to find a way to get Detroit out of bankruptcy and balance its budget. Detroit’s public employee unions have protested Orr’s cost-cutting measures, some of which targeted the pension deals that led to the city’s bankruptcy.
The media has reported on Detroit’s financial woes and ignored President Barack Obama’s promise to keep an eye out and to help rescue the Motor City from its woes.
Other philanthropic groups like the Ford Foundation and Kresge Foundation said they will donate $330 million to help the city, only after it exits bankruptcy. The bankruptcy was caused by bad bond sales and heavy public employee pensions.