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Executives from Majestic Star Casino met with 150 East Chicago residents and local officials Saturday to discuss how the closure of the Cline Avenue extension has hurt business even with alternative routes allowing them to stay open.
Jason Gregorec, vice president of table games for Majestic Star addressed those in attendance at the public forum by saying that the two gaming boats have seen an 18% decline in business revenues, which added up to a $15 million decline in net revenue, with the rerouting.
The downward spiral began in November when traffic was rerouted while the department of transportation inspected the damaged structure. Which caused a loss of $8 million to $10 million in taxes paid to local communities compared to the same period in 2008, Gregorec said.
Since the temporary closure state officials have decided to demolish the structure permanently.
Majestic Star has since had to lay off 40 employees, eliminating $1.3 million in payroll.
“As of November, the value of the casino went down $90 million,” Gregorec told the legislators. “What other project will have a direct impact of $100 million in the state?”
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