City of Detroit to receive US$5.2 million in unbudgeted casino tax cash
For the first time since 2011, the three casinos located in the city reported a year-over-year revenue gain.
US.- The Michigan Gaming Control Board released the numbers regarding the casino activities registered in Detroit during 2015, which show that the MGM Grand Detroit, MotorCity Casino Hotel and Greektown Casino-Hotel turned their fortunes around last year, with a 3.3 per cent growth compared with 2014.
Total revenues from gambling activities at the three casinos came in at US$1.38 billion in 2015. According to the Michigan Gaming Control Board’s executive director Richard Kalm 83 percent of that amount came from slot machines and 17 per cent from table games. The revenue figures also mark the best year for Detroit’s casinos since 2012.
The City of Detroit receives tax revenues from casino gambling, a key factor for its economy that exited bankruptcy in December 2014. For 2015, MGM Grand Detroit, MotorCity Casino Hotel and Greektown Casino-Hotel submitted US$174.3 million in taxes to the city. Now, Detroit will receives an estimated US$5.2 million more than it had budgeted for its fiscal year that ends June 30, 2016.
Detroit Finance Director John Naglick Jr. expressed: “This is certainly an important revenue stream for the city and the increases are favorable news for the city’s general fund.”
