Detroit casinos report 15 percent revenue jump for January
After Detroit exited bankruptcy in December, the city regained full access to gambling taxes that had been held as collateral on debt. The money is considered the city's most important revenue to pay for improved services.
MotorCity Casino Hotel saw a full 20% year-over-year increase to US$ 38.1 million for January. Greektown Casino-Hotel had a nearly 16% increase to US$ 26.7 million and MGM Grand Detroit rose 12% to US$ 46.2 million.
Casino revenues had been trending downward in recent years until the drastic drop in gas prices late last fall, which left more discretionary spending cash in consumers' wallets.
Although gambling revenues fell by 1.2% overall last year, December's revenues were up 10% from a year earlier.
The new figures released do not represent bottom-line numbers, as the casinos are not required to disclose their non-gaming revenues from services such as hotel rooms, banquets and food sales.
The January market share for the three casinos were: MGM Grand 42%; MotorCity 34%; Greektown 24%.
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