A few thoughts from this professor (who earned the ph.d. at MSU and now teaches at Eastern MI)....A college there won't help with taxes as colleges are tax-exempt (hence the higher taxes in the city of Ann Arbor MI as UM takes up so much of their land). I would not mind a casino near a campus because from my experience at EMU and other schools, bars are the problem. I'd prefer students gamble at a casino vs with illegal bookies - this is still an unspoken epidemic among college students. But if a college can help bring life to an area that has closed buildings, etc - I say go for it.
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