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In July, the revenue for Michigan’s three commercial casinos shows an improvement compared to the previous month of June.
The figures released by The Michigan Gaming Control Board (MGCB) indicate a positive growth in both the month-over-month and year-over-year numbers, which is in contrast to last month’s revenue report.
In July, the total revenue generated by casinos amounted to $119.3 million.
Compared to June 2018, the figure shows a 0.2 percent increase, and when compared to July 2017, it reflects a 0.3 percent increase.
Despite the relatively flat growth, any number in the black is positive news considering the year-over-year decline the casinos experienced last month.
July 2018 Detroit casino revenue summary
The MGCB gathers data from Detroit’s three casinos on a monthly basis.
- The MGM Grand Detroit
- MotorCity Casino Hotel – a luxurious destination for gaming and accommodation.
- The Greektown Casino Hotel
Despite losing some ground to MotorCity, MGM still maintains its leading position while MotorCity remains firmly in second place.
In the month of July, MGM recorded a revenue of $50.9 million, indicating a 0.5 percent growth from the same period last year.
In July, MotorCity Casino recorded revenues of $40.6 million, reflecting a marginal growth of 0.3 percent compared to the same period last year.
Greektown Casino Hotel outperforms the rest with the highest year-over-year growth rate. It achieved a revenue of $27.8 million, reflecting a 1.8 percent increase compared to July 2017.
Up and down casino trends
Upon analyzing the trend lines, it is evident that both MGM and Motor City are experiencing positive trends. However, MGM’s trend line displays a slight decrease compared to the previous month. Whereas, Greektown continues to show a slight decline, yet there was a minor increase compared to the preceding month.
Motor City saw a significant increase in market share, while MGM experienced a one percent decline, as compared to the previous month.
According to the revenue figures for July, MGM asserts its dominance with a 43 percent market share. MotorCity has now captured 34 percent, while Greektown maintains its steady 23 percent share.
Outpacing last year, for now
Revenue for 2018 has consistently surpassed the previous year, with the exception of the initial two months.
Despite the slightly stagnant performance this month, the Detroit commercial casinos are still demonstrating a modest upward trajectory for the year.
In the past, the rest of the year has consistently generated minimal revenue. As an example, in August 2017, the lowest figure of the entire year was recorded at $111.4 million.
While it is indeed true that any increase is typically considered good news, the figures for this month could potentially indicate the onset of the “off-season”.
We are hopeful that the record revenue in March will help balance out the expected decrease.
State and city wagering taxes
In July, a cumulative tax payment of $23.9 million was made by the trio of casinos.
The state of Michigan receives 8.1 percent of the casinos’ net win, while the city of Detroit gets 10.9 percent. Out of the total amount, $14.2 million was allocated to the city, while $9.7 million was directed towards the state.
As per the MGCB, the School Aid Fund benefits from the state’s share of wagering taxes. This fund is dedicated to assisting school districts, higher education institutions, and school employee retirement systems. Nevertheless, the wagering taxes specifically aim to support K-12 classroom education across the state.
The taxes generated from wagering in the city contribute towards programs and services aimed at improving the quality of life for Detroit residents. These funds are specifically allocated to enhance public safety initiatives, provide tax relief, and facilitate infrastructure improvements.
The bottom line
Although the month-over-month and year-over-year figures for July remained relatively unchanged, any slight increase is still considered positive news, particularly following last month’s decline. This becomes even more significant as the casinos approach the historically slowest period of the year.
Despite the less than impressive results, the casinos are expected to achieve a new revenue record by the end of the year.
The upcoming month will hold great significance. In the previous year, there was a significant decline in revenue, amounting to over $7 million, between July and August. It is inevitable that there will be a decrease in revenue, yet we hope that the decline will be less severe.
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