HomePublicationsCurrent NewsletterVolume 25Issue 10MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR RECORD MARCH 2019 AND 1ST QUARTER 2019

In a press release dated April 10, 2019, the Michigan Gaming Control Board (“MGCB” or “Board”) released the March 2019 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino. Numbers for the First Quarter of 2019 were also released.

The three Detroit casinos reported a record $140.3 million in aggregate revenue for  March 2019, a 1.3% increase from the same month last year. The results were 22.5% above the monthly revenue in February 2019. The previous monthly revenue record was $138.6 million set in March 2018.

Please see the linked  State of Michigan official financial report.

Revenue increased at MGM by 1.9% to $59.2 million. MotorCity recorded a revenue decrease of 0.3% to $49.1 million. Greektown revenue increased by 1.5% to $32 million, all compared with March 2018 results.

The March 2019 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 42%, 35% and 23% respectively.

During March 2019, the three Detroit casinos paid $11.4 million in gaming taxes to the State of Michigan, compared with $11.2 million for the same month last year. The three casinos reported submitting $16.7 million in wagering taxes and development agreement payments to the City of Detroit in March 2019.

First Quarter Report 2019

First quarter combined aggregate revenue of $367 million was a 1.9 percent increase from the same period last year. For the quarter, MGM Grand Detroit led with a 3.9 percent increase in revenue at $157.6 million. Greektown revenue at $84.2 million was up 1.5 percent. MotorCity’s quarterly revenue of $125.2 million was down a fractional 0.3 percent compared with last year. Through March, the three casinos recorded a 2.3% aggregate revenue increase compared with results for the first three months of last year.  The state received $29.7 million in gaming taxes for the quarter compared with $29.2 million paid in 2018.

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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