HomePublicationsNewsletter ArchiveNewslettersVolume 23Issue 37MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO AGGREGATE REVENUES & WAGERING TAXES FOR OCTOBER 2017

In a press release dated November 14, 2017, the Michigan Gaming Control Board (“MGCB” or “Board”) released the October 2017 aggregate revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.

The three Detroit casinos reported $112.7 million in aggregate revenue for October 2017, a 1.7 percent increase from the same month last year.

Please see the linked  State of Michigan official financial report.

Year-to-date aggregate revenue of $1.17 billion rose 1.2 percent above the Detroit casinos’ revenue for the first 10 months of 2016. October revenue fell a fractional 0.9 percent compared with September 2017 results.

Revenue rose at MGM by 2.2 percent to $48.4 million and at MotorCity by 3.2 percent to $38.4 million when compared with October 2016 results.  Greektown revenue was down 1.2 percent to $25.9 million compared with October 2016 results.

The October 2017 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 43%, 34% and 23% respectively.

During October 2017, the three Detroit casinos paid $9.1 million in gaming taxes to the state of Michigan compared with $9 million for the same month last year. The three casinos reported submitting $13.9 million in wagering taxes and development agreement payments to the City of Detroit during October.

The figures released by the Board are the gross receipts less winnings paid to wagerers. The figures do not include: 1) any fees or other relevant city, state or federal taxes; 2) wages and benefits paid to casino employees; 3) payments to suppliers, services providers or vendors; nor 4) other normal business expenses.

 

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