Detroit Casino Revenues Down 0.9% To $111.8m In November

Detroit Casino Revenues Down 0.9% To $111.8m In NovemberThe Michigan Gaming Control Board (MGCB) has released its casino figures for November, revealing a 0.9% decrease in revenues to $111.84m compared to the same month in 2012. For the month, the three casinos subsequently generated a combined $9.1 million in gaming taxes, compared with $9.14 million for November 2012.
Out of Detroit’s three casinos, MotorCity Casino was the only one to report an increase in revenues, up by 2.8% to $39.5 million compared to November 2012. On the other side, Greektown Casino saw its revenue slide by 2.6% to $25.9 million for the month, while MGM Grand Detroit’s gaming revenue results were down by 2.9% to $46.4 million, year over year.
So far in 2013 through to November, gambling revenue in Detroit are down by 4.3% to $1.2 billion, and although with $1.4 billion in  gambling revenues generated in 2012, Detroit’s casinos continue to be serious money generators for the city, further drops in revenue could have an adverse effect on Detroit’s amenities and services as it struggles to emerge from bankruptcy.
A major factor cited for the decline in Detroit’s casino industry is the addition of four new casinos in Ohio, especially the Hollywood Casino Toledo, whose close proximity has allowed Ohio residents to gamble closer to home. In addition, the increase in casino gambling nationwide has also further eaten into Detroit’s gambling revenues.
Overall, through to November gambling revenues at MGM Grand were 5.3% lower than a year ago; at Greektown 6.7% lower; and MotorCity Casino around 0.5% lower. The shrinking casino market could also spark fiercer battles among the casinos to grab what’s left of the market, further squeezing profit margins. As MotorCity’s senior VP of operations, explains.
“It’s definitely become more expensive to operate in the Detroit market, which happens whenever competition heats up, as it did with Toledo.”

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