Michigan Gaming Control Board Releases August 2008 Revenue Data for the Three Detroit Casinos

Total August 2008 Casino Revenue Increases in Michigan: Michigan Gaming Control Board Releases August 2008 Revenue Data for the Three Detroit Casinos

9/10/2008
By: Peter J. Kulick On September 9, 2008, the Michigan Gaming Control Board ("MGCB") released the revenue data for August 2008 for the three commercial casinos in Detroit, Michigan. The revenue data reveals that casino gaming revenue experienced an overall increase of 5.67% compared to August 2007. MGM Grand Detroit continued to lead all Michigan casinos with the largest total adjusted gaming revenue of slightly over $50 Million, which represented a 17.4% increase compared to August 2007. MotorCity Casino and Greektown each experienced negative growth in casino revenue in comparison with revenue from August 2007. Greektown Casino, which is operating under Chapter 11 bankruptcy protection, experienced a slight increase in gaming revenue from July 2008. The revenue data released by the MGCB also includes the total wagering tax payments made by the casinos to the State of Michigan. Greektown Casino, which recently entered Chapter 11 bankruptcy protection, continues to be subject to a higher wagering tax rate because it has yet to open a permanent casino in Detroit. The gaming revenue and wagering tax payments for the MGM Grand Detroit, MotorCity and Greektown for June 2008 were:
CasinoGaming RevenueState Wagering Tax Payments*
MGM Grand Detroit$50,078,510.07$4,056,359.32
MotorCity Casino$41,065,015.38$3,326,266.25
Greektown Casino$26,823,123.82$3,245,597.98

Totals$117,966,649.27$10,628,223.55
*The state tax rate for MGM and MotorCity was reduced to 8.1% effective as of October 3, 2007 and December 31, 2007, respectively. The state tax rate for Greektown is still 12.1%. These figures do not include wagering tax payments made to the City of Detroit.
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