HomePublicationsNewsletter ArchiveVolume 24Issue 9MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR FEBRUARY 2018

In a press release dated March 13, 2018, the Michigan Gaming Control Board (“MGCB” or “Board”) released the February 2018 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.

The three Detroit casinos reported $110 million in aggregate revenue for February 2018, a 6.1 percent decrease from the same month last year. The results were 3.3 percent below combined January and February 2017 revenue.

Please see the linked  State of Michigan official financial report.

Revenue fell at MGM by 4.7 percent to $45.8 million. MotorCity recorded a revenue decrease of 5.6 percent to $38.3 million. Greektown revenue also decreased by 9.3 percent to $25.9 million compared with February 2017 results.

The February 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 42%, 35% and 23% respectively.

During February 2018, the three Detroit casinos paid $8.9 million in gaming taxes to the State of Michigan, compared with $9.5 million for the same month last year. The three casinos reported submitting $13.1 million in wagering taxes and development agreement payments to the City of Detroit in February.

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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