Detroit Casino Revenue Slips For The First Time In 2019

Detroit Casino Revenue Slips For The First Time In 2019

The aggregate revenue generated from three Detroit casinos has slipped for the first time in 2019. The Greektown Casino-Hotel, MGM Grand Detroit and MotorCity Casino Hotel made $117.5 million in aggregate revenue in June. It is a 1.4 percent decline from the revenue generated for the same period the previous year.

The June revenue is also down 6.6 percent month-over-month. The Michigan Gaming Control Board released the financial figures of Detroit casinos for June, this Tuesday.

Despite a year-on-year decline in revenue for June, the aggregate revenue of three casinos for the first half was slightly higher when compared with the same period in 2018. The aggregate revenue for the second quarter of 2019 was up 0.2 percent to $368.4 million.

The Greektown casino lost the most in June as its revenue fell 2.8 percent year-on-year to $26.9 million. MGM’s revenue was down 2.2 percent to $50.7 million. MotorCity casino posted positive growth as its revenue for June went up slightly by 0.7 percent year-on-year to $39.9 million.

While MGM with a 43 percent market share was the leading casino in Detroit, Motorcity and Greektown have 34 percent and 23 percent market shares, respectively.

The state grossed $9.5 million in revenue from the gambling operations at the three casinos. Last month it received $14.5 million in taxes.

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