Monday, November 20, 2017

Data recently released by the Michigan Gaming Control Board (MGCB) indicates that August revenues from Detroit’s trio of operating casinos dropped by nearly 4 percent from the same time last year. The report shows the three casinos earned $111.5 in revenues for the month of August this year, marking a 3.8 percent decline year-on-year.

The only Detroit casino to record an upswing for the month of August was MotorCity Casino Hotel, owned by IH Gaming (Detroit Entertainment, LLC). The casino’s revenue for the month, according to the MGCB, totaled $38.4 million, a modest 1.5 percent increase from a year ago in August.

Revenue at MGM Grand Detroit, however, came in at $47.9 million for August, a significant 6.7 percent drop compared to last year’s figures from the same period. While August revenue at Greektown Casino Hotel, owned and managed by JACK Entertainment LLC, decreased by 5.7 percent to $25.2 million, according to the report.

The MGCB report also showed July 2017 revenues for MGM and Greektown were down 6.3 percent.

Despite the obvious lull in summer revenue, Detroit’s three casinos reported a modest 1.1 percent increase in year-to-date aggregate revenue from Jan. to Aug. 2017 compared with the same period last year. During August operations, state coffers received $9 million in taxes from the three casinos, an approximate 4 percent decrease from what it received for the same time period last year.

During August this year, according to the MGCB, Detroit’s three casinos reported submitting $13.3 million in development agreement payments and wagering taxes to the City of Detroit.

The state casino wagering tax revenues are deposited in the state school aid fund to provide additional funding for education. The Board also ensures that the city’s casinos deposit the gaming excise tax revenues into Detroit’s general fund.

The state of Michigan does not regulate Indian casino gaming.

The unremarkable figures released by the MGCB on Tuesday come as state legislators continue to debate HB 4926. The bill, which would legalize iGaming including online poker, was introduced by Rep. Brandt Iden before the state House Regulatory Reform Committee and a hearing on the measure took place on Wednesday.

Detroit casino revenues for August down 3.8 percent was last modified: September 15th, 2017 by K Morrison