Detroit casino trio posts October revenue decline

According to official figures from the Michigan Gaming Control Board, the Greektown Casino Hotel saw its October total gaming revenues decrease by 5% year-on-year to stand at $26.2 million with the venue from local firm Jack Entertainment accounting for 24% of overall win.

The nearby MotorCity Casino Hotel reported a 1.6% drop year-on-year in total October gaming revenues to $37.2 million while the Ilitch Holdings Incorporated property was responsible for 33% of the market.

Finally, the MGM Grand Detroit from operator MGM Resorts International experienced a 0.3% deterioration year-on-year in total gaming revenues to $47.3 million although it is still the largest Detroit casino in terms of market share with 43%.

The Michigan Gaming Control Board reported that the trio of casinos paid $9 million in state gaming taxes during October, which was slightly down on the $9.1 million they contributed for the same month in 2015, while submitting $13.7 million in local duties and development agreement payments.

Michigan has 23 tribal casinos generating about $1.5 billion a year in gaming win while 2015 saw their Detroit counterparts report aggregated total gaming revenues of $1.37 billion, which represented the first year-on-year increase since 2011’s $1.42 billion.