For the second straight month, Detroit’s three casinos record a slight revenue increase.
MotorCity Casino Hotel, Greektown Casino-Hotel, and MGM Grand Detroit recorded a combined $112 million in gross gaming revenue for January.
According to the Michigan Gaming Control Board, the three properties saw slight growth for January recording a modest 0.5 percent from the same period last year.
Detroit’s casino revenue and taxes
Despite low numbers, the state was able to collect $9.08 million in gaming taxes. Additionally, the three properties paid $13.3 million in wagering and development taxes to the city.
- MotorCity Casino Hotel revenue decreased 1.5 percent to $37.4 million.
- Greektown Casino-Hotel revenue decreased 0.1 percent to $25.7 million.
- MGM Grand Detroit revenue increased 2.5 percent to $48.9 million.
In December 2018, year-over-year revenue grew 10 percent at the three casinos from the same period in 2017, according to Crain’s Detroit Business.
Greektown increased 12 percent to $29.4 million in December. Both MotorCity and MGM increased 8.7 percent to $43.3 million and $54.7 million respectively.
Greektown Casino coming along
In November, Penn National Gaming announced a $300 million agreement to take over operations assets at Greektown.
The land and real estate assets were acquired by Vici Properties for $700 million bringing the total deal to a smooth $1 billion.
Both transactions are expected to be close by mid-2019. Once the purchase is complete, the Pennsylvania based operator will expand to 41 properties in 19 jurisdictions.
The 100,000-square-foot facility has 2,700 gaming machines, 60 table games and one poker room. It is the only property located in the heart of Detroit.
The rock state of Michigan online gaming expansion
In January, Michigan Rep. Brandt Iden told Legal Sports Report the Justice Departments recent opinion on the Wire Act, “will not impact how we proceed in Michigan.”
“I think it’s a bunk DOJ opinion that has no legal standing,” Iden said. “It’s an opinion like anything else, and pretty much unenforceable.”
Issued by Assistant Attorney General Steven Engel, the memo released by the Office of Legal Counsel focuses on reversing a 2011 memo that the Wire Act applied only to sports betting.
Iden has been spearheading legislative efforts to pass sports betting and online gaming legislation since late 2018. Online gaming in the state nearly passed before it was struck down. New Gov. Gretchen Whitmer has indicated she supports regulated sports betting in Michigan.