Detroit Casino Revenues Rise 3.1% To $114.7m In July

Detroit’s three casinos have been enjoying a resurgence in popularity this year, and July was no exception with casino revenues rising by 3.1% to $114.7 million year-over-year, according to the Michigan Gaming Control Board. Leading the state in terms of growth was MotorCity up 6.2% to $38.7 million in July, followed by MGM up 5.2% to $48.7 million, while Greektown actually experienced a 4.3% contraction in revenues to $27.3 million, compared to the same month in 2014.
Detroit’s casino revenues peaked in 2011 at $1.42 billion, and after remaining static in 2012, dropped to $1.34 billion in 2013 and again in 2014 to $1.33 billion, as competition increased from neighboring states. For the first seven months of 2014, however, casino revenues are currently higher by 4.6%, and commenting on the positive trend, Jacob Miklojcik, a Lansing-based gaming consultant, said:
“The economy is doing better and you’ve got more disposable income because of gas prices. That shows up in how people spend their recreational money.”
Detroit’s improving casino climate is even more important considering taxes collected from the industry account for 16% of all city revenues , which are then used to fund essential services, including the police, fire service, as well as economic development and “other programs that are designed to contribute to the improvement of the quality of life in the city.”
It is worth noting, however, that the latest figures do not include non-gaming revenues generated by the casinos from such sources as hotel rooms, banquets and food sales. Nor do they indicate the actual profits each casino makes.
Detroit Gambling Revenues:
2014: $1.33 billion
2013: $1.34 billion
2012: $1.42 billion
2011: $1.42 billion
2010: $1.37 billion
2009: $1.33 billion