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

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

4/15/2008
Robert W. Stocker II March's revenue figures for the three casinos in downtown Detroit were released by the Michigan Gaming Control Board ("MGCB") on April 8, 2008. MGM Grand Detroit Casino led the way with a total adjusted revenue of $50,217,833.17 - an increase of 5.94% compared to March, 2007 - and made a contribution of $4,067,644.49 in state wagering taxes. MotorCity Casino brought in a total adjusted revenue figure of $41,307,354.29 with a 8.1% tax contribution of $3,838,172.81. Greektown Casino reported revenues of $32,230,050.35 with a 12.1% tax contribution to the State of $3,899,836.09. Compared to March, 2007, MotorCity and Greektown experienced a decrease in revenue of 3.7% and 3.589% respectively. The MGCB reported a total combined revenue figure of $123,755,237.81 in total adjusted gross receipts for the three Detroit casinos and $11,805,653.39 in state taxes paid for the month of March, 2008. According to a news release issued by the MGCB, aggregate revenue for the 3 Detroit casinos were up 0.02% compared to the same month last year, but the gaming taxes were lower compared to $14,970,000 for the same period last year - which is attributable to the tax roll-back of 8.1% for MGM Grand Detroit Casino and MotorCity Casino.
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