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Detroit Casino Revenues Up for March by 6% in Comparison to the Same Month Last Year - MGM Grand and Greektown Revenues up 8.5% and 11.7%, respectively.
April 15, 2010
The Michigan Gaming Control Board reports today that the aggregate revenue and taxes for all three Detroit casinos for March 2010 were up by 6 percent in comparison to the same month last year and also were up by 10.7 percent in comparison to last month (February 2010).Revenue for MGM Grand and Greektown was up by 8.5 percent and 11.7 percent respectively, whereas MotorCity was down by 1 percent, compared to the same month last year. The Detroit gaming market shares for March 2010 for MGM, MotorCity, and Greektown were 41 percent, 32 percent, and 27 percent respectively.
For March 2010, gaming taxes for the three Detroit casinos were $8.6 million in comparison to $10.9 million for the same period last year.
Greektown was granted a tax rollback, effective March 9, 2010 for $14.97 million, which will be offset against future wagering tax payments to the State of Michigan and is anticipated to last through July 2010.
Aggregate revenue and taxes for all 3 Detroit casinos for the first quarter ending March, 2010, were up by 2.8 percent, compared to the same period last year. Revenues for MGM, MotorCity and Greektown for the first quarter were $149 million, $114 million, and $91 million, respectively.
Revenue for the first 3 months for MGM and Greektown were up by 3.5 percent and 11.6 percent respectively, whereas MotorCity was down by 4 percent in comparison to the same period last year.
For the three months ending March 2010, gaming taxes for the 3 Detroit casinos were $29.2 Million in comparison to $31.1 Million for the same period last year.