HomePublicationsNewsletter ArchiveVolume 24Issue 40MICHIGAN GAMING CONTROL BOARD RELEASES DETROIT CASINO REVENUES & WAGERING TAXES FOR NOVEMBER 2018

In a press release dated December 18, the Michigan Gaming Control Board (“MGCB” or “Board”) released the November 2018 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.

The three Detroit casinos reported $117.6 million in aggregate revenue for November 2018, a 4%  increase from the same month last year. The results were 1.4% above the monthly revenue for October 2018. Year-to-date revenue was 2.5%  above results for the first 11 months of 2017.

Please see the linked  State of Michigan official financial report.

Revenue increased at MGM by 7.9% to $52.4 million. MotorCity recorded a revenue decline of 0.5% to $38 million. Greektown revenue increased by 3.4% to $27.2 million compared with November 2017 results.

The November 2018 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 45%, 32% and 23% respectively.

During November 2018, the three Detroit casinos paid $9.5 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 $18.9 million in wagering taxes and development agreement payments to the City of Detroit in November.

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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