Detroit casino revenue falls in August

detroit casino revenue

Credits: Redbubble

The local regulator revealed that the three casinos in Detroit experienced almost a 4 percent decrease in revenues.

US.- The Michigan Gaming Control Board announced on Tuesday that the three operating casinos in Detroit experienced a 3.8 percent decrease year-on-year in casino revenue as they raked in US$111.5 million in August.

MotorCity Casino was the only gambling facility in the city to report an increase last month, its revenue being US$38.4 million, 1.5 percent up from August 2016. On the other hand, MGM’s revenue was down 6.7 percent to US$47.9 million and Greektown’s revenue also fell 5.7 percent to US$25.2 million. The revenues are also down 6.3 percent from July.

Nevertheless, the three casinos year-to-date aggregate revenue are up 1.1 percent when compared to the same period in 2016. Michigan collected US$9 million in taxes from the gambling facilities during last month’s operations, approximately 4 percent less than what it recorded in August 2016.

Back in July, the MGCB revealed that the gaming industry has contributed to the state’s funds with US$4.5 billion during the last two decades. Once the government approved casino legalisation in July 17, 1997, the three gaming venues installed in Detroit have helped develop the city. Furthermore, the three Detroit casinos have generated over 1,400 businesses and 6,800 job positions. The gaming industry has set partnerships with approximately 800 companies from Michigan, which boosts the local economy. Near US$1.9 billion generated by casino industry was destined to public system, whilst casinos paid US$2.6 billion in wagering taxes to Detroit.