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The objective of every business is to enhance their revenues and profits on a yearly basis. This is precisely evident in the August revenue report of the Detroit casinos, illustrating their successful pursuit of this goal.
The total revenue generated by the three commercial casinos in the metro area between January and August 2019 has increased compared to the same period in 2018. Although the percentage increase may appear small, any growth is still desirable.
Detroit casinos’ August revenue report
The most recent report from the Michigan Gaming Control Board reveals that the total earnings of the three Detroit casinos amounted to $119.8 million in August. This figure matches the combined revenue of $119 million achieved by the trio in July.
In comparison to 2018, July’s figures indicated a marginal decline of 0.3% for that specific month. Similarly, August experienced a 0.5% deterioration compared to the corresponding period of the previous year.
Despite the decrease in growth from 2018 to 2019, it hasn’t completely halted the progress. 2019 still shows a positive overall improvement.
As of now, Greektown Casino, the MGM Grand, and MotorCity Casino have collectively generated $974.3 million in revenue this year. This represents a 0.7% improvement compared to the same period in 2018.
Although a growth rate of 0.7% may not be considered astronomical, the important aspect is the presence of growth itself. This growth instills confidence.
Why any growth, no matter how small, is significant
In order to experience substantial growth, the casino industry relies on more than just the revenue generated by patrons playing slot machines. Investment plays a crucial role in fostering significant development, similar to many other industries.
Casino visitors are willing to take risks with their money, but investors, on the other hand, are cautious and avoid gambling. Consequently, it becomes the responsibility of casinos to persuade investors by offering them a guaranteed return on their investment.
The Detroit casinos have been successful in producing annual balance sheets that display consistent revenue, if not slight growth. This positive trend continues to be reflected in their collective balance sheet for the current year.
Just like how steady 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
Consistent casino revenue in Detroit indicates that both residents and visitors have a stable income, as responsible individuals consider the money they spend on games as disposable income.
This is appealing to investors not only within the gaming industry but also across various other industries. It enhances Detroit’s capacity to attract investments from diverse sectors of the economy.
While Detroit’s casinos have not experienced a noteworthy surge in revenue compared to last year, the absence of a significant decline is still positive news. Maintaining consistent revenue could pave the way for potential future growth and opportunities.
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