Tuesday, September 4, 2012

Detroit Casinos’ July Aggregate Revenues Decrease Compared to Last Year

By Ryan M. Shannon

The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for July 2012 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 6.75% decrease in gaming revenues compared to the same month in 2011. Aggregate gross gaming revenue for the Detroit commercial casinos increased slightly, however, rising by approximately 0.5% in July compared to June 2012 revenue figures, continuing a trend of increase from June to July in prior years.

MGM Grand Detroit posted a decreased gaming revenue results for July 2012 as compared to the same month in 2011, with gaming revenue decreasing by more than 4.2%. MGM Grand Detroit continued to maintain the largest market share among the three Detroit commercial casinos and had total gaming revenue in July 2012 of over $48.8 million.

MotorCity Casino had monthly gaming revenue of nearly $35 million and posted a 12.73% decrease in revenues in July 2012 compared to July 2011. Greektown had gaming revenue of nearly $28.2 million, a slight decrease compared to July 2011.