In a press release dated March 12, 2019, the Michigan Gaming Control Board (“MGCB” or “Board”) released the February 2019 revenue figures for the three Detroit casinos – MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino.
The three Detroit casinos reported $114.6 million in aggregate revenue for February 2019, a 4.1% increase from the same month last year. The results were 2.2% above the monthly revenue in January 2019. Through February, the three casinos recorded a 2.3% aggregate revenue increase compared with results for the first two months of last year.
Please see the linked State of Michigan official financial report.
Revenue increased at MGM by 7.9% to $49.5 million. MotorCity recorded a revenue increase of 1% to $38.7 million. Greektown revenue increased by 1.9% to $26.4 million, all compared with February 2018 results.
The February 2019 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 43%, 34% and 23% respectively.
During February 2019, the three Detroit casinos paid $9.3 million in gaming taxes to the State of Michigan, compared with $8.9 million for the same month last year. The three casinos reported submitting $13.6 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.
