HomePublicationsNewsletter ArchiveVolume 24Issue 21MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR JUNE 2018 AND SECOND QUARTER 2018

In a press release dated July 11, 2018, the Michigan Gaming Control Board (“MGCB” or “Board”) released the June 2018 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.

The three Detroit casinos reported $119.1 million in aggregate revenue for June 2018, a 5.3 % increase from the same month last year. The results were 4.4% below the monthly revenue  for May 2018.

Please see the linked  State of Michigan official financial report.

Revenue increased at MGM by 6.6% to $51.8 million. MotorCity recorded a revenue increase of 4.4% to $39.6 million. Greektown revenue increased by 4.4 % to $27.7 million compared with June 2017 results.

The June 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 44%, 33% and 23% respectively.

During June 2018, the three Detroit casinos paid $9.6 million in gaming taxes to the State of Michigan, compared with $9.2 million for the same month last year. The three casinos reported submitting $14.2 million in wagering taxes and development agreement payments to the City of Detroit in June.

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.

Second Quarter Results 2018:

The three Detroit casinos posted a 3.9 percent increase in aggregate revenue during the second quarter compared with the same period in 2017.

MGM’s quarterly revenue was $157.4 million, up 5.8 percent from second quarter 2017 results. MotorCity recorded $124.9 million in revenue, a 3.4 percent increase. Greektown’s $85.6 million in revenue was up 1.2 percent from second quarter 2017 results.

 

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