HomePublicationsCurrent NewsletterVolume 24Issue 28MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR AUGUST 2018

In a press release dated September 11, 2018, the Michigan Gaming Control Board (“MGCB” or “Board”) released the August 2018 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.

The three Detroit casinos reported $120.5 million in aggregate revenue for  August 2018, an 8.1% increase from the same month last year. The results were 0.9% above the monthly revenue in July 2018. Through July, the three casinos recorded a 2.4% aggregate revenue increase compared with results for the first eight months of last year.

Please see the linked  State of Michigan official financial report.

Revenue increased at MGM by 10% to $52.7 million. MotorCity recorded a revenue increase of 3.8% to $39.8 million. Greektown revenue increased by 11.1% to $28 million compared with August 2017 results.

The August 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 44%, 33% and 23% respectively.

During August 2018, the three Detroit casinos paid $9.8 million in gaming taxes to the State of Michigan, compared with $9 million for the same month last year. The three casinos reported submitting $18.5 million in wagering taxes and development agreement payments to the City of Detroit in August.

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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