Detroit Casinos Up 1.7% to $116.4M in February

Following a slight 1.8% revenue decline in January, Detroit’s casinos returned to positive territory in February after reporting a 1.7% improvement in business to $116.4 million, compared to the $114.4 million that was generated in the same month in 2015. The results were also 6.7% higher than January’s total of $109 million.
Last month, Detroit’s three casinos subsequently paid $9.4 million in  gambling taxes to the state of Michigan, as well as a further $13.9 million to the city of Detroit by way of wagering taxes and development agreement payments.
Leading Detroit’s casino market in February, in terms of growth, was MotorCity whose revenues increased by 3.5% to $40.4 million, followed by Greektown up 3.4% to $28.8 million, and finally MGM, which reported a slight 0.7% fall in revenues to $47.2 million.
As a result, MGM enjoyed a 40% share of Detroit’s casino market in February, with MotorCity accounting for 35% of revenues, and Greektown the remaining 25%.
All the information was supplied by the Michigan Gaming Control Board, whose stated goal is to “ensure the conduct of fair and honest gaming to protect the interests of the citizens of the State of Michigan.”
Detroit’s Casino Industry
In 2015, Detroit casinos generated $1.38 billion in revenues, higher by 3.3% compared to $1.33 billion collected in 2014. From that total, 83% of business was accounted for by slot machines revenues, with the remaining 17% coming from table games. Last year, Detroit then collected $174.3 million by way of taxes. As Detroit Finance Director John Naglick Jr explained at the time:
“This is certainly an important revenue stream for the city and the increases are favorable news for the city’s general fund.”
Detroit Annual Casino Results:
2015: $1.38bn
2014: $1.33bn
2013: $1.34bn
2012: $1.42bn
2011: $1.42bn
2010: $1.37bn
2009: $1.33bn