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

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

8/13/2008
By: Scott R. Knapp On August 12, 2008, the Michigan Gaming Control Board ("MGCB") released the revenue data for July 2008 for the three commercial casinos in Detroit, Michigan. The data reveals a slight overall increase in gaming revenue compared to July 2007. MGM Grand Detroit continued to lead all Michigan casinos with the largest total adjusted gaming revenue of $50,536,862.66. MGM Grand Detroit's gaming revenue was more than $10,000,000 above MotorCity Casino, which had the second highest total. The recently released revenue figures cover the second period during which Greektown Casino has operated under a Chapter 11 bankruptcy proceeding. The revenue data reveals that Greektown Casino experienced an increase in gaming revenue compared to June, but nonetheless experienced its second lowest monthly gaming revenue this year. 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 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 July 2008 were:
Casino Gaming RevenueState Wagering Tax Payments*
MGM Grand Detroit$50,536,862.66$4,093,485.88
MotorCity Casino$39,579,086.48$3,205,906.00
Greektown Casino$25,423,936.01$3,076,296.26

Totals$115,539,885.15$10,375,688.14
*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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