August 10, 2010
Casino Operations - June 2010
Aggregate revenue and taxes for the three Detroit casinos for June 2010were up a little over a quarter percent (0.27), in comparison to June 2009. However, revenues were down by 6.1 percent in comparison to May 2010. Revenue for MGM was up by 5.6 percent, to $46.2 million, whereas MotorCity and Greektown were down by 0.9 percent to $36.5 million and 6.3 percent to $27 million respectively in comparison to June 2009. MotorCity's gaming revenue is down for the six straight month in comparison to the same months in 2009.
The market shares for MGM, MotorCity, and Greektown for June 2010 were 42 percent, 33 percent, and 25 percent, respectively.
For June 2010, gaming taxes for the Detroit casinos were $6.7 million in comparison to $10.2 million for June 2009. (Due to Greektown Casino tax rollback)
Casino Operation - 2nd Quarter Ending June 2010
Aggregate revenue and taxes for the Detroit casinos for the quarter ending June 2010, were up by 2 percent, in comparison to the same period last year. Revenues for MGM, MotorCity, and Greektown for the quarter were $145 million, $112 million, and $88 million, respectively.
Revenue for the quarter ending June, 2010, for MGM and Greektown were up by 7 percent and 1.3 percent, respectively whereas; MotorCity was down by 3.1 percent in comparison to the same quarter last year.
For the quarter ending June 30, 2010, gaming taxes for the Detroit casinos were $20.8 million in comparison to $30.9 million for the same period last year. (Due to Greektown Casino not remitting any gaming taxes while using up the tax rollback credits).
GTC Tax Rollback Ending June 2010
On March 9, 2010, the Board granted Greektown Casino a tax rollback in the amount of $14,971,488. During June 2010, Greektown Casino used $2.2 million against the tax rollback credits. The unused amount, as of June 30, 2010, is $5,742,885, which will be offset against future gaming revenue through approximately mid-September 2010.
Casino Operations - July 2010
Aggregate revenue and taxes for the Detroit casinos for July 2010 were up by 3 percent, in comparison to July 2009. Also, revenues were up by 8.2 percent in comparison to June 2010. Revenues for MGM and MotorCity were up by 5.5 percent, to $50.4 million and 5.5 percent to $37.7 million, respectively whereas; Greektown was down by 3.5 percent to $30.6 million in comparison to July 2009.
The market shares for MGM, MotorCity, and Greektown for July 2010 were 42 percent, 32 percent, and 26 percent, respectively.
For July 2010, gaming taxes for the Detroit casinos were $7.1 million in comparison to $10.6 million for the same period last year. (Due to Greektown Casino tax rollback)
Casino Operations - Three Months Ending July 2010
Aggregate revenue and taxes for all Detroit casinos for the three month period ending July, 2010, were up by 1 percent, in comparison to the same period last year. Revenues for MGM, MotorCity, and Greektown for the same three month period were $145 million, $113 million, and $87 million, respectively.
Revenue for the three month period ending July, 2010, for MGM was up by 5 percent whereas MotorCity, and Greektown were down by 0.4 percent and 3.7 percent, respectively in comparison to the same period last year.
For the three months ending July 31, 2010, gaming taxes for the Detroit casinos were $20.9 million in comparison to $31.4 million for the same period last year (Due to Greektown Casino not remitting any gaming taxes while using up the tax rollback credits).
GTC Tax Rollback Ending July 2010
On March 9, 2010, the Board granted Greektown Casino a tax rollback in the amount of $14,971,488. During the month of July 2010, Greektown Casino used $2.5 million against the tax rollback credits. The unused amount, as of July 31, 2010, is $3,261,586 which will be offset against future gaming revenue through approximately mid-September 2010.
