Detroit Casino Revenues Up 0.8% to $125M in March

Detroit’s casinos have had an interesting start to 2016, and after year-on-year revenues fell in January (-1.8%), the past two months have seen growth return to the market with business up in February by +1.7%, and now in March by a further +0.8%. According to statistics released by the Michigan Gaming Control Board, Detroit three casino have thus far generated $350.4 million for the first quarter of the year, representing a slight 0.3% improvement compared to Q1 2016.
In March, Detroits three casinos collected $124.9 million in revenues, with MGM Grand accounting for $51.8 million of that tally (+4%), followed by MotorCity with $43.7 million (+0.6%), and finally Greektown with $29.4 million (-4%). As a result, MGM currently has a 41% share of Detroit’s casino market, while MotorCity has a 35% share, and Greektown the remaining 24%.
For the first three months of 2016, MGM Grand has now generated $145.7 million in revenues, up 1.5% compared to the same period of time in 2015, with MotorCity Casino also up by 0.6% to $121.2 million, but Greektown Casino reporting the only revenue decline of Q1, with business lower by 2.1% at $83.5 million. The state subsequently collected $28.4 million by way of state gambling taxes, which was roughly equal to the amount noted in Q1 2015.
In 2015, Detroit casinos produced $1.38 billion in revenues, higher by 3.3% versus the previous year, with 83% collected from slot machines, and 17% from table games. This resulted in $174.3 million in much-needed gaming taxes for a city that has been struggling with its finances, but whose casino market has been on the rebound since Q4 of 2014. That was when gas prices fell dramatically across the country, and as Alex Calderone from the Calderone Advisory Group explained at the time:
“This is a business that is dependent almost entirely on discretionary income. Money that’s not spent at the pump is money that can be spent at the casino.”
Detroit Annual Casino Revenues:
2015: $1.38bn
2014: $1.33bn
2013: $1.34bn
2012: $1.42bn
2011: $1.42bn
2010: $1.37bn
2009: $1.33bn

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