Detroit Casino Revenues & Wagering Taxes for May Greektown Sale Order Held in Abeyance
June 11, 2008
Yesterday, at the Michigan Gaming Control Board monthly meeting, the Executive Director, Rick Kalm, advised Board members that aggregate revenue and taxes for all three Detroit casinos for the month of May 2008 were up by 16.53% compared to the same month last year. Revenue for MGM Grand, MotorCity and Greektown Casinos were up by 27.9%, 14.03% and 2.69%, respectively, in May 2008 compared to the same month last year.
Detroit Casino Revenues and Wagering Taxes for May
For the month of May 2008, gaming taxes for the three Detroit casinos were 11.09 million compared to 12.78 million for the same period last year. The decrease in the State of Michigan's gaming tax revenue is due to the tax roll back for MGM Grand Detroit Casino and MotorCity Casino.
Greektown Sale Order Held in Abeyance
Greektown management must report their progress monthly to the Board during Chapter 11 proceedings. The sale provisions of the 2005 Board order were held in abeyance. The Board held a show cause hearing with Greektown casino officials immediately after the regular meeting. The Board heard evidence presented by Greektown consultants from the Conway & MacKenzie concerning the pending Chapter 11 bankruptcy filing.