Detroit casinos experience revenue rise
The local gaming control board revealed that monthly aggregate revenue increased year-on-year.
US.- The Michigan Gaming Control Board (MGCB) released a report on Monday that revealed that the three casinos in Detroit totaled a revenue increase of 0.5 percent to US$119 million during July when compared to the same period last year.
Moreover, July’s monthly revenue results were 5.3 percent higher than June, and the three casinos’ year-to-date aggregate revenue rises 1.8 percent than the first seven months of 2016. Whilst MGM’s July revenue increased 2 percent to US$51.2 million year-on-year, MotorCity’s monthly revenue fell 0.2 percent to US$40.5 million and GreekTown experienced similar results with a 1.4 percent decrease to US$27.3 million.
During last month operations, MGM totaled 43 percent of the market share, followed by MotorCity with a 34 percent and Greektown completing the list with a 23 percent. July brought US$9.64 million in gaming taxes paid by casinos to the state, US$40k more than the same period in 2016. Furthermore, the three facilities submitted US$14.2 million in wagering taxes and development agreement payments to Detroit last month.
Last month, 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.
