Detroit Casinos Up 3.3% to $1.38BN in 2015

Detroit’s casino industry reported an increase in business in 2015, with the city’s three casinos generating a combined $1.38 billion in revenues, up by 3.3% compared to the $1.33 billion that was collected in 2014. Last’s year’s result also mark the first time since 2011 ($1.42bn) that Detroit has seen an improvement in its year-over-year figures.
Detroit’s casino market has declined since a number of alternate gambling venues opened up in neighboring Ohio back in 2012. However, Detroit’s economy has improved steadily over the past few years, which combined with lower gas prices, has helped to produce extra disposable income for its residents. This has translated into more business for Detroit’s casinos, and as Calderone Advisory Group MD Alex Calderone explains:
“This is a business that is dependent almost entirely on discretionary income. Money that’s not spent at the pump is money that can be spent at the casino.”
According to the Michigan Gaming Control Board, all three of Detroit’s casinos saw an increase in their year-over-year revenues in 2015, lead by MGM Grand up 3.7% to $582 million, followed by MotorCity up 4.4% to $464.5 million, and Greektown up 1% to $329.9 million. Out of their combined $1.38 billion in revenues, 83% was generated from slot machines, and the remaining 17% from table games.
Casino gambling taxes represent a significant 16% of Detroit’s annual revenue stream, and in 2015 the city collected $111.5 million in taxes, up from the $108 million taken in 2014. In addition, MGM, MotorCity, and Greektown submitted $174.3 million in wagering taxes, which was $5.2 million more than had been budgeted for by the City of Detroit, and commenting on the positive result, Detroit Finance Director John Naglick Jr. said:
“This is certainly an important revenue stream for the city and the increases are favorable news for the city’s general fund.”
Detroit Casino Results:
2015: $1.38 billion
2014: $1.33 billion
2013: $1.34 billion
2012: $1.42 billion
2011: $1.42 billion
2010: $1.37 billion
2009: $1.33 billion

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