Detroit Casino Revenue Falls 4.7% To $1.35bn In 2013

Detroit Casino Revenue Falls 4.7% To $1.35bn In 2013On Tuesday, the Michigan Gaming Control Board released its casino figures for the whole of 2013 revealing a 4.7% decline in revenues to $1.35 billion, compared to the $1.42 billion generated in 2012.
On July 18, 2013, the city of Detroit filed for bankruptcy with debts estimated to be $18.5 billion, and casino revenues were seen as a key element in Detroit servicing its debt, as well as paying for essential services in the city. As Detroit’s Emergency Manager Kevyn Orr, explains:
“Every day that we don’t have access to casino revenue, we cannot make the necessary investment in this city to provide for the health, safety and welfare of the citizens.”
Unfortunately, however, Detroit’s 2013 casino revenue results recorded the sharpest decline since its first casinos opened in 1999, with losses escalating in the last five months of the year to 9% from the same period in 2012.
The latest annual results also mark only the third time Detroit’s three casinos have experienced a collective loss, the other times occurring in 2009, when MGM Grand Detroit, MotorCity Casino and Greektown Casino saw their revenues fall by 1.5%, and last year when revenues declined by 0.5%.
While Detroit’s casino tax revenue figures are not known for the  2013 calendar year, the city did collect $174.5 million in taxes for the 2012-2013 fiscal year ending June 30th, which represented a 3.8% decline from the previous fiscal year. The $174.5 million also accounted for roughly 14% of all money taken in Detroit.
Despite Detroit’s worrying 2013 results, Richard Kalm from the Michigan Gaming Control Board, said the numbers were not unexpected and that the city is continuing in its efforts to secure its financial future and emerge from bankruptcy. As he then explains:
“We’ve been reporting those revenue figures to the city of Detroit, and they’ve been watching them really close because obviously they’re in bankruptcy and they’re looking at all the areas where they generate revenue. They’ve been on top of it.”

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