HomePublicationsNewsletter ArchiveVolume 24Issue 13MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR MARCH 2018, 1ST QUARTER 2018

In a press release dated April 12, 2018, the Michigan Gaming Control Board (“MGCB” or “Board”) released the March 2018 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.Total March revenue for the casinos set an overall record high gain since the opening of the casinos in 1999 and 2000.

The three Detroit casinos reported $138.6 million in aggregate revenue for March 2018, a 5.7 percent increase from the same month last year. The results were 25.9 percent higher than February 2018 revenue.The previous record of $135.3 million was set in March 2012.

Please see the linked  State of Michigan official financial report.

Revenue at MGM increased a record high of 7.3 percent to $58.1 million. MotorCity also recorded its highest ever revenue increase of 9.3 percent to $49.3 million. Greektown revenue decreased by 2.3 percent to $31.2 million compared with March 2017 results.

The March 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 42%, 36% and 21% respectively.

During March 2018, the three Detroit casinos paid $11.2 million in gaming taxes to the State of Michigan, compared with $10.6 million for the same month last year. The three casinos reported submitting $16.5 million in wagering taxes and development agreement payments to the City of Detroit in March.

First-quarter 2018 aggregate revenue of $360.2 million dropped 0.1 percent from last year’s first-quarter results. The three Detroit casinos paid $29.18 million in state gaming taxes during the first quarter of 2018 compared with $29.20 million during the first quarter of 2017.

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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