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MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR OCTOBER 2018

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

The three Detroit casinos reported $116 million in aggregate revenue for  October 2018, an 2.9% increase from the same month last year. The results were 0.6% above the monthly revenue in September 2018. Through September, the three casinos recorded a 2.4% aggregate revenue increase compared with results for the first ten months of last year.

Please see the linked  State of Michigan official financial report.

Revenue increased at MGM by 2.8% to $49.8 million. MotorCity recorded a revenue increase of 0.5% to $38.6 million. Greektown revenue increased by 6.6% to $27.6 million compared with October 2017 results.

The October 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 43%, 33% and 24% respectively.

During October 2018, the three Detroit casinos paid $9.4 million in gaming taxes to the State of Michigan, compared with $9.1 million for the same month last year. The three casinos reported submitting $14.4 million in wagering taxes and development agreement payments to the City of Detroit in October.

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.

 

Volume 24, Issue 36

November 16, 2018

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