High unemployment and plunging revenue for businesses has been toughest on the state of Michigan. Even the wildly popular Woodward Dream Cruise has been hit by the region's economic despair. Several sponsors have reportedly dropped out, and some participating cities have scaled back their participation in light of budget shortfalls.

In an effort to raise more money for the Dream Cruise, the classic car extravaganza will take on a new name for 2009. The cruise will now be called the Woodward Dream Cruise presented by the MotorCity Casino Hotel. The casino, which is owned by the Detroit-based Ilitch family (Little Caesers/Detroit Tigers/Red Wings owners) is increasing its sponsorship profile in order to attach its name to the event. With over one million people from all over the world attending the event, the sponsorship will also give the casino some big-time exposure. The Detroit News is reporting that Dream Cruise officials are still looking to obtain two more sponsors in advance of the event's August 15 date. Good luck with that, fellas.

[Source: The Detroit News]