Your Source For Michigan Gaming News

Since 1997, the Michigan Gaming website has been a comprehensive resource regarding gaming in the state of Michigan. This site is an RMC Ventures, LLC publication, with contributions by the original creators of the site, Attorney David Waddell and Gaming Analyst Robert Russell, and additional contributions by Attorney J.J. Burchman.

Mr. Waddell,  Mr. Russell and Mr. Burchman are also associated with Regulatory Management Counselors, P.C., which proactively assists clients in managing regulatory issues in an effort to maximize company profits and avoid legal problems.

In a press release dated May 7, 2018, the Michigan Gaming Control Board (“MGCB” or “Board”) released the April 2018 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.

The three Detroit casinos reported $124 million in aggregate revenue for April 2018, a 2.5 % increase from the same month last year. The results were 10.5 % below  the monthly revenue record of $138.6 million set in March 2018.

Please see the linked  State of Michigan official financial report.

Revenue increased at MGM by 3.2 % to $51.2 million. MotorCity recorded a revenue increase of 3.7 % to $43.7 million. Greektown revenue decreased by 0.5 % to $29.1 million compared with April 2017 results.

The April 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 41%, 35% and 24% respectively.

During April 2018, the three Detroit casinos paid $10 million in gaming taxes to the State of Michigan, compared with $9.8 million for the same month last year. The three casinos reported submitting $14.8 million in wagering taxes and development agreement payments to the City of Detroit in April.

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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