HomePublicationsNewsletter ArchiveVolume 24Issue 24MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR JULY 2018

In a press release dated August 14, 2018, the Michigan Gaming Control Board (“MGCB” or “Board”) released the July 2018 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.

The three Detroit casinos reported $119.3 million in aggregate revenue for  July 2018, a 0.3% increase from the same month last year. The results were 0.2% above the monthly revenue in June 2018. Through July, the three casinos recorded a 1.7% aggregate revenue increase compared with results for the first seven months of last year.

Please see the linked  State of Michigan official financial report.

Revenue decreased at MGM by 0.5% to $50.9 million. MotorCity recorded a revenue increase of 0.3% to $40.6 million. Greektown revenue increased by 1.8% to $27.8 million compared with July 2017 results.

The April 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 43%, 34% and 23% respectively.

During July 2018, the three Detroit casinos paid $9.7 million in gaming taxes to the State of Michigan, compared with $9.6 million for the same month last year. The three casinos reported submitting $14.2 million in wagering taxes and development agreement payments to the City of Detroit in July.

All three casinos are subject to a wagering tax of 19%, with 10.9% of this levy payable to the City of Detroit and 8.1% payable to the State of Michigan.

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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