Detroit Casino Revenue up 1.4% in November

Detroit Casino Revenue up 1.4% in NovemberDetroit’s three casinos generated revenues of $113.1 million in November, which was flat compared to the previous month, but higher by 1.4% compared to November of 2016. The state subsequently collected $9.2 million by way of gaming taxes or $200,000 more than a year ago, while the city of Detroit received a further $18.3 million in wagering taxes and development agreement payments.
Encouragingly, all of the Detroit’s casinos saw positive growth last month, led by MotorCity up by 2.7% to $38.2 million, followed by MGM up 0.8% to $48.6 million, and Greektown up 0.7% to $26.3 million. In terms of revenue, MGM continues to lead the way, and last month commanded a 43% share of the market, followed by MotorCity (34%), and Greektown (23%).
For the first 11 months of 2017, Detroit’s casinos have seen their revenue rise by 1.2% versus the same period of time last year, which is good news for a city which counts casino taxes as its third most important source of revenue, behind firstly income taxes and then state revenue sharing.
If gambling supporters had their own way, though, sports betting would be added to the city’s gambling mix, with expectations bouyed recently by New Jersey’s current PASPA challenge case being heard by the U.S. Supreme Court. Needless to say, the industry would provide an extra boosts to the city’s struggling casino market, which last year was $300 million below what they earned after first opening their doors in 2012.
One analysts who agrees sports betting could prove a major boon for Detroit is Chris Grove from gambling research firm Eilers & Krejcik, who explains that sports betting customer are different from typical casino customer, and would therefore create new clients and income for the casinos. The casinos themselves seem to be on board with the idea, too, with Matt Cullen, chief executive of JACK Entertainment, stating:
“Under the right and thoughtful regulatory framework, we generally support legalization of sports betting.”
If New Jersey does win its challenge in the Supreme Court, Michigan is likely to be amongst the first wave of states to start offering sports betting, and has already introduced legalisation in the event the federal sports betting is lifted.

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