Detroit Casino Revenues Up 3.2% in JulyAugust 11, 2016 10:20 am
The Michigan Gaming Control Board has released its casino results for July, revealing a slight 3.2% increase in revenues to $118.5 million compared to the same month last year. The City of Detroit subsequently received $14.1 million in gambling taxes, with a further $9.6 million collected by the midwestern state of Michigan.
In July, all three of Detroit’s commercial casinos posted year-on-year revenues increases, with MGM Grand Detroit up 3% to $50.2 million; MotorCity Casino Hotel up 4.7% to $40.6 million; and Greektown Casino-Hotel up 1.5% to $27.7 million.
November 2014 marked one of the darkest chapters in the history of Detroit, after the City went bankrupt owing $18.5 billion in debts, and the unemployment rate soared to around 15%. The Michigan State Financial Review Commission was subsequently tasked with running Detroit’s monetary affairs until 2027 in order to avoid another financial disaster.
Against this backdrop, Detroit’s casino industry has proved instrumental in the City’s recovery, and currently accounts for around 16% of total local revenues. Nevertheless, the once bustling city is still but a shell of its former self, and this week whilst talking at the Detroit Economic Club, Donald Trump harked back to its glory days, stating:
“Detroit was once the economic envy of the world. When we were governed by an “America first” policy, Detroit was booming. Engineers, builders, laborers, shippers and countless others went to work each day, provided for their families, and lived out the American Dream. But for many living in this city, that dream has long ago vanished.”
While Detroit casino revenues were up in July, the same could not be said about Ohio, its southern neighboring across Lake Erie. Last month, the state’s four casinos generated just $66.1 million in revenues, down by 5% versus July 2015. One of those venues, Cleveland’s Jack Casino, posted a 12% in July, with the drop mostly blamed on a lack of available parking as a result of the Republican National Convention (RNC) that month.