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 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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