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

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

10/15/2008
Peter J. Kulick On October 8, 2008, the Michigan Gaming Control Board ("MGCB") released the revenue and wagering tax data for September 2008 for the three Detroit, Michigan commercial casinos. Casino gaming revenue experienced an overall increase of 4.58% compared to September 2007. The total adjusted gaming revenue for September 2008 was, however, slightly lower than revenue from August 2008. MGM Grand Detroit continued to lead all Michigan casinos with the largest total adjusted gaming revenue of nearly $45 Million, which nearly a $10 Million increase in adjusted gaming revenue over the September 2007 figures. MotorCity Casino and Greektown each experienced negative growth in adjusted casino revenue in comparison with revenue from September 2007. 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:
Casino Gaming RevenueState Wagering Tax Payments*
MGM Grand Detroit$44,797,052.83$3,628,561.28
MotorCity Casino$36,110,657.12$2,924,963.23
Greektown Casino$25,216,180.44$3,051,157.83

Totals$06,123,890.39$9,604,682.34
*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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