Detroit Casino Revenue Down 3% To $103m In September

admin, October 17, 2014 12:55 pm

Detroit Casino Revenue Down 3% To $103m In SeptemberThe Michigan Gaming Control Board has released its casino figures for September, revealing a 3% decline in gaming revenue to $103.1 million compared to $106.3 million generated in the same month last year. In addition, September’s revenues were 8.5% lower than the $112.7 million collected by the state’s three casinos in August.
A total of $8.4 million in gaming taxes was then added to Detroit’s finances, and while the sum isn’t a huge amount, it is nonetheless an important source of income for the bankrupt northern state which declared bankruptcy on July 19th, 2013. In fact, last year Detroit even declared that taxes collected from its casinos industry amounted to “30 percent of the city’s total available cash on hand.”
Breaking September’s results down further, MGM Grand Detroit reported a 4.4% fall in revenues to $43.2 million, from the $45.3 million taken in the same month last year; while MotorCity Casino Hotel saw revenue drop by 6.8% to $33.3 million from $35.7 million in 2013; and Greektown Casino-Hotel noted a slight uptick in business in September with revenues rising by 4.7% to $26.6 million, from $25.4 million in the same month last year.
In September, MGM Grand subsequently enjoyed a 42% share of Detroit’s casino market, followed by MotorCity with a 32% share, and Greektown with 26%.
Back in 2012, Detroit casinos generated $1.42 billion in revenues, 0.5% lower than the previous year and only the second time the state of Michigan had posted a revenue decline since 2001. By 2013, however, gaming revenue had fallen by a further 4.7% to $1.35 billion, and so far for the first nine months of 2014 total revenue are around $994.5 million compared with $1.02 billion over the same period in 2013.
In recent years, Detroit’s casino industry has suffered from increased competition from neighbouring states such as Ohio, which now has four casinos. Saturation in the market has also seen the industry as a whole suffer, and included amongst the US states posting revenue declines of late are Illinois, Indiana, Iowa, Nevada, Pennsylvania, Missouri, Connecticut, Atlantic City and Ohio.

Poker News
Spanish Online Poker Revenue Jumps 27% in Q1
Spanish Online Poker Revenue Jumps 27% in Q1
03 Jun 2018
In January, Spain and France started pooling their online poker players in an attempt to revive an industry decimated by the ring-fenced policies adopted by their respective governments. If they were ever in any doubt as to the validity of their move, the results for the first three months of 2018 will certainly have allayed
Japan Introduces Responsible Gambling Bill
Japan Introduces Responsible Gambling Bill
28 May 2018
Japan’s bicameral legislature, known as The National Diet, consists of an upper House of Councillors and a lower House of Representatives, with the latter having started discussing the Integrated Resorts Implementation Bill last week. Being debated is the regulatory framework required in order to set up an efficient and well functioning casino market in the
Ohio Casino Revenue Up 1% to $71.8m in April
Ohio Casino Revenue Up 1% to $71.8m in April
17 May 2018
The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming
NJ Generates Record iGaming Revenues in February
New Jersey iGaming Market Posts Second-Highest Month in April
15 May 2018
In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this