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The August revenue report of Detroit casinos demonstrates the shared aspiration of all businesses to enhance their revenues and profits on an annual basis.
The total revenue generated by the three commercial casinos in the metro area during January to August 2019 has increased compared to the same period in 2018. Although the percentage increase may appear small, any growth is considered favorable.
Detroit casinos’ August revenue report
The most recent report from the Michigan Gaming Control Board reveals that the total revenue generated by the three Detroit casinos in August amounted to $119.8 million. This figure is consistent with the previous month of July, where the trio also accumulated approximately $119 million in revenue.
July’s figures indicated a marginal decline of 0.3% in comparison to the same month in 2018. Similarly, August experienced a 0.5% decrease when compared to the corresponding month of the previous year.
Although the growth of 2019 over 2018 has been reduced, it has not completely halted. Despite this, 2019 still signifies a positive overall increase.
The Greektown Casino, MGM Grand, and MotorCity Casino have collectively generated a total revenue of $974.3 million in the current year, surpassing the first eight months of 2018 by 0.7%.
Although 0.7% may not seem like significant growth, the term “growth” is vital as it instills confidence.
Why any growth, no matter how small, is significant
The casino industry, similar to various other sectors, flourishes due to factors beyond its generated revenue. Notably, substantial growth relies more on investments rather than solely relying on patrons operating slot machines.
Investors, unlike casino visitors, are inclined to avoid taking financial risks. Hence, it is the responsibility of casinos to persuade investors by offering a guaranteed return.
The Detroit casinos’ cumulative balance sheet for the current year demonstrates consistent revenue and, potentially, slight growth, aligning with the objective of producing annual balance sheets.
Just as consistent growth instills investor confidence in the casinos, it also serves as a selling point for the Detroit metro area.
Why the year-over-year revenue is good news for all
A steady income is indicated by the consistent casino revenue in Detroit, as it signifies that both residents and visitors have expendable income to put down on games, demonstrating their responsible approach towards gambling.
This quality appeals to investors from various industries beyond just gaming, thereby enhancing Detroit’s capacity to attract investments from multiple sectors of the economy.
Although Detroit’s casinos have not experienced a substantial increase in revenue compared to last year, the absence of a significant decline is still positive news. Sustained consistent revenue has the potential to pave the way for future growth and opportunities.
