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Detroit Casino Revenues and Wagering Taxes for December

The Michigan Gaming Control Board reports today that the aggregate revenue and taxes for all three Detroit casinos for the month of December were down by 8.1% in comparison to the same month last year. Revenue for MGM Grand, MotorCity and Greektown casinos were down by 2.47%, 11.52%, and 12.76% respectively, in comparison to the same month last year. Despite a fourth quarter decline in Detroit casino revenues, the yearly revenues for 2008 increased by 1.84% to $1.36 billion in comparison to last year.

The gaming market share for the month of December 2008 for the MGM, MotorCity and Greektown casinos were 44%, 33%, and 23%, respectively.

For the month of December 2008, gaming taxes for the three Detroit casinos were $9.415 million in comparison to $12.358 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 approved for MGM Grand and the MotorCity casinos.

Spreadsheet attached.