Detroit Casino Revenues Down Less Than 1% for May in Comparison to the Same Month Last Year - MGM Grand Revenues up by 3.4%

Detroit Casino Revenues Down Less Than 1% for May in Comparison to the Same Month Last Year - MGM Grand Revenues up by 3.4%.

Detroit Casino Revenues and Wagering Taxes for May 2010

The Michigan Gaming Control Board reports today that the aggregate revenue and taxes for all three Detroit casinos for May 2010 were down by less than 1 percent (0.78), compared to the same month last year. Also, revenues were down by 1.7 percent compared to last month (April 2010).

Revenue for MGM Grand Detroit was up by 3.4 percent; whereas MotorCity and Greektown were down by 5.1 percent and 1.5 percent respectively compared to the same month last MotorCity Casino's gaming revenue is down for the fifth straight month of 2010. The market shares for MGM, MotorCity and Greektown for the month of May 2010 were 42 percent, 33 percent and 25 percent respectively. For the month of May 2010, gaming taxes for the 3 Detroit casinos were $7.06 Million compared to $10.75 Million for the same period last year. (Due to Greektown Casino tax rollback)

Details

Aggregate revenue and taxes for all 3 Detroit casinos for the three months ending May, 2010, were up by 4 percent, compared to the same period last year. Revenues for MGM, MotorCity and Greektown for the three months were $151 million, $117 million and $95 million respectively. Revenue for the 3 months ending May 31, 2010, for MGM and Greektown were up by 7.9 percent and 7.3 percent respectively, whereas MotorCity was down by 3 percent compared to the same period last year.

For the three months ending May 31, 2010, gaming taxes for the 3 Detroit casinos were $31.8 Million compared to $22.7 Million for the same period last year (Due to Greektown Casino not remitting any gaming taxes while using up the tax rollback credits).

Attn: A special Board meeting has been scheduled for June 28, at 1 p.m. to consider a Greektown Casino request for approval of their plan for emergence from bankruptcy.

On March 9, 2010, the Board granted Greektown Casino a tax rollback in the amount of $14,971,488.94. During the month of May 2010, GTC used $2.4 Million against the tax rollback credits. The unused amount, as of May 31, 2010, is $7,932,964.64, which will be offset against future gaming revenue through approximately August 2010.