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Casinos, not cars, are keeping Detroit afloat
Detroit is known as the Motor City, but perhaps it should be known as Blackjack City. It's the city's three casinos that are now crucial to keeping the cash-strapped government functioning during bankruptcy. Most of the auto industry's Michigan plants are outside of city limits, severely limiting how much tax revenue they contribute to Detroit. General Motors (GM, Fortune 500) is the only automaker with headquarters inside of city limits, and Chrysler Group operates just one plant inside the city. Filings made by the city in the nation's largest municipal bankruptcy late Thursday show just how dependent the city has ... (full story)
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