US – Detroit’s casino generate unbudgeted taxBy Phil - 13 January 2016
Having seen their revenue grow for the first time since 2011, Detroit’s three casinos have generated an unexpected $5.2m for the city in gaming tax.
The three properties generated taxation of $174.3m, $5.2m more than Detroit had budgeted for its fiscal year that ends June 30, 2016.
Gross Gambling Revenues at MGM Grand Detroit, MotorCity Casino Hotel and Greektown Casino-Hotel were the highest since 2012, reaching $1.38bn in 2015 and climbing 3.3 per cent from the year before.
The Michigan Gaming Control Board revealed that 83 per cent came from slot machines and 17 per cent from table games.
MGM Grand’s generated the best GGR of $582m, an increase of 3.7 per cent compared with 2014 yet MotorCity posted the highest percentage gain with its $464.5m, representing a 4.4 per cent. Greektown meanwhile saw its GGR increase by one per cent with GGR of $329.9m.
The casinos finished 2015 with a month to month increase between November and December of 15.4 per cent.