Michigan Gaming Control Board Releases February, 2008 Revenue Figures for Three Detroit Casinos

Michigan Gaming Control Board Releases February, 2008 Revenue Figures for Three Detroit Casinos

March 2008
By: H. Scott Althouse February's revenue figures for the three casinos in downtown Detroit were released by the Michigan Gaming Control Board ("MGCB") today. MGM Grand Detroit led the way with a total adjusted revenue of $47,021,788.21 - an increase of 27.88% compared to February, 2007 - and made a contribution of $3,808,764.86 in state wagering taxes. MotorCity Casino brought in a total adjusted revenue figure of $38,326,971.88 with a 12.1% tax contribution of $4,637,563.60. Greektown Casino reported $26,999,351.20 with a 12.1% tax contribution to the State of $3,266,921.50. MotorCity and Greektown experienced a decrease in revenue of 2.25% and 6.89% respectively. The MGCB reported a total combined revenue figure of $112,348,111.49 in total adjusted gross receipts for the three casinos and $11,713,249.95 in state taxes paid for the month of February, 2008. According to a news release issued by the MGCB, aggregate revenue and taxes for the 3 Detroit casinos were up by 7.02% compared to the same month last year, but the gaming taxes were lower compared to $12,702,000 for the same period last year - which is attributable to the tax roll-back (8.1%) for MGM Grand Detroit Casino.
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