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Detroit’s three casinos have once again experienced a marginal growth in revenue for the second consecutive month.
In January, MotorCity Casino Hotel, Greektown Casino-Hotel, and MGM Grand Detroit collectively generated a total of $112 million in gross gaming revenue.
In January, the three properties experienced a marginal increase of 0.5 percent compared to the previous year, as reported by the Michigan Gaming Control Board.
Detroit’s casino revenue and taxes
Although the state had relatively few participants, it managed to amass a significant amount of $9.08 million through gaming taxes. Furthermore, the three establishments also contributed $13.3 million in wagering and development taxes to the city.
- Revenue at MotorCity Casino Hotel dropped by 1.5 percent, reaching $37.4 million.
- The revenue of Greektown Casino-Hotel experienced a slight decline of 0.1 percent, reaching $25.7 million.
- The revenue of MGM Grand Detroit saw a 2.5 percent rise, reaching $48.9 million.
According to Crain’s Detroit Business, the three casinos experienced a 10 percent year-over-year increase in revenue in December 2018 compared to the same period in 2017.
In December, Greektown experienced a 12 percent growth, reaching $29.4 million. MotorCity and MGM also saw an increase of 8.7 percent, with their revenues reaching $43.3 million and $54.7 million respectively.
Greektown Casino coming along
Penn National Gaming made headlines in November when it revealed a massive $300 million deal to assume control of operational assets at Greektown.
Vici Properties acquired the land and real estate assets for $700 million, making the total deal a seamless $1 billion.
By mid-2019, the completion of both transactions is anticipated. Following the acquisition, the operator headquartered in Pennsylvania will extend its presence to encompass 41 properties across 19 jurisdictions.
Located in the heart of Detroit, this property spans 100,000 square feet and features an impressive array of amenities. With 2,700 gaming machines, 60 table games, and a dedicated poker room, it offers an immersive and exciting gaming experience. Notably, this facility stands as the sole property situated in the bustling city of Detroit.
The rock state of Michigan online gaming expansion
Michigan Rep. Brandt Iden assured Legal Sports Report in January that the recent opinion of the Justice Department on the Wire Act would have no influence on their plans for Michigan.
Iden stated that, in their opinion, the DOJ’s stance lacks legal validity and holds no weight. They regarded it as just another opinion, which is largely unenforceable.
The Office of Legal Counsel has released a memo, issued by Assistant Attorney General Steven Engel, which aims to reverse a previous 2011 memo stating that the Wire Act solely applied to sports betting.
Since late 2018, Iden has taken the lead in advocating for the passage of legislation concerning sports betting and online gaming. The state came close to legalizing online gaming, but unfortunately, it was ultimately rejected. However, the newly elected Governor, Gretchen Whitmer, has expressed her support for regulated sports betting in Michigan.
