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Detroit casinos report slight revenue increase for first eight months of 2019
September 10, 2019
Detroit, Sept. 10, 2019 - The three Detroit casinos’ year-to-date aggregate revenue of $974.3 million was up 0.7 percent compared with revenue for the first eight months of 2018. The casinos reported August aggregate revenue of $119.8 million, declining 0.5 percent from August 2018 revenue but topping July 2019 revenue by 0.7 percent.
MGM’s monthly revenue rose 0.7 percent to $53 million compared with August 2018, and MotorCity reported a 0.4 percent increase to $40 million. At Greektown, August monthly aggregate revenue fell 4.2 percent from year-earlier results to $26.8 million.
Also, at Tuesday’s public meeting, the Michigan Gaming Control Board approved the annual license renewal for each of the three Detroit casinos.
The casinos’ August market shares were:
During August, the three Detroit casinos paid $9.7 million in gaming taxes compared with $9.8 million paid during August last year.
The three Detroit casinos reported submitting $18.5 million in wagering taxes and development agreement payments to the City of Detroit during August. On Aug. 21, MGM Grand Detroit recorded $400 million in 2019 adjusted gross revenue (AGR), or net win, which triggers a $4 million payment and a 1 percent tax increase paid to the City of Detroit under the casino’s development agreement with the municipality. It is the soonest MGM Grand Detroit has reached the $400 million AGR mark since inception.
"The Michigan Gaming Control Board shall ensure the conduct of fair and honest gaming to protect the interests of the citizens of the State of Michigan."