In a press release dated October 8 , 2019, the Michigan Gaming Control Board (“MGCB” or “Board”) released the September 2019 revenue figures for the three Detroit casinos: MGM Grand Detroit Casino, MotorCity Casino and Greektown Casino. The MGCB released numbers for the third quarter of 2019 as well.
The three Detroit casinos reported $112.3 million in aggregate revenue for September 2019, a 2.5% decline from the same month last year. The results were 6.3% below the monthly revenue in August 2019.
Please see the linked State of Michigan official financial report.
Revenue decreased at MGM by 6.4% to $46.5 million. MotorCity recorded a revenue increase of 0.1% to $38.9 million. Greektown revenue increased by 0.7% to $26.9 million, all compared with September 2018 results.
The September 2019 market shares for MGM Grand Detroit, MotorCity Casino and Greektown Casino were 41%, 35% and 24% respectively.
During September 2019, the three Detroit casinos paid $9.1 million in gaming taxes to the State of Michigan, compared with $9.3 million for the same month last year. The three casinos reported submitting $13.8 million in wagering taxes and development agreement payments to the City of Detroit in September 2019.
Third Quarter Report 2019
Third quarter combined aggregate revenue of $1.09 billion was a 0.3% increase from the same period last year. For the quarter, MGM Grand Detroit reported $151.2 million for a 1.3% decrease in revenue. Greektown revenue at $80.3 million was down 2.6% but MotorCity’s quarterly revenue of $119.6 million was up 0.3% compared with last year.
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.
