Kewadin gambling halls post a 2.5% increase in profits, netting $31.28M. Tuesday, March 3, 2009
Nathan Hurst / The Detroit News
Even though its Greektown Casino fell into bankruptcy, 2008 proved a bumper year for the Sault Ste. Marie Tribe of Chippewa's five casinos in Michigan's Upper Peninsula, tribe officials announced Monday.
The 2.5 percent increase in profit compared with 2007 brought in $31.28 million for the tribe, and came as the Sault's Kewadin Casinos arm, which operates the U.P. gambling halls, went through a year of cost-cutting.
"In a state and national recession and at a time when revenues and profits are down significantly in gaming markets across the nation, we are proud to report relatively strong performances at our five Kewadin Casinos in Northern Michigan," said Joe McCoy, chairman of the Sault Tribe, in a statement.
The increases there contrast with the performance at Greektown, the Tribe's largest casino holding, which ended 2008 with revenues down 7.33 percent from 2007. All told, the casino took in $316.3 million in 2008
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