MGM Grand Casino Opens Today in Detroit

MGM Grand Inc., the casino company controlled by billionaire Kirk Kerkorian, said it plans to open the first legal casino in Detroit today, after receiving approvals from the mayor and Michigan state gaming regulators on Wednesday. The $235-million temporary casino will be replaced in about four years with an $800-million permanent gambling resort. Las Vegas-based MGM Grand is developing MGM Grand Detroit in a partnership with a group of local investors. The Detroit market could generate $1.1 billion in casino revenue annually, MGM Grand has said, which it will share with only two other casinos to be licensed under Michigan gambling law and a third in nearby Windsor, Ontario. MGM Grand shares closed up 13 cents at $46.63 on the NYSE.