Detroit Casinos Earn Record Revenues in 2019
Both MGM Grand Detroit and the MotorCity Casino Hotel saw record revenue earnings in 2019, helping the Motor City to see a huge jump in revenues for the year. The three casinos of Detroit earned so much last year, they beat the 2018 total by a whopping $10 million.
2019 Revenue Details
MGM Grand Detroit was the top earner, taking 43% of the market share for the year. The casino earned 0.7% more than 2018, with $623.5 million generated. The MotorCity Casino was in the second-place position, seeing an even larger increase of 0.8%. The casino earned $493.6 million, also setting a record when compared to the previous year.
Greektown pulled up the rear, with 23% of the market share, earning $337.2 million. This was an increase as well, but smaller than the other two venues, at 0.6%. The market share percentages for the three casinos remained the same.
The Greektown Casino saw the largest increase when comparing December 2019 to 2018, with just over $30 million, a 2.2% increase. MotorCity earned $43.3 million and MGM was actually down for the month at $54.4 million, an 0.5% drop.
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In the state of Michigan, there are only three commercial casinos, all located in Detroit. However, an additional 23 casinos can be found throughout the state, operated by Native American Tribes. According to the state Gaming Control Board, the record casino revenue was productive to the state as well as Detroit.
In the region, $117.8 million in gaming taxes were collected last year, an uptick of $800,000 from 2018. Detroit received $184.2 million in wagering taxes as well as development agreements. This was slightly higher than the $182.9 million provided the previous year.
Michigan will soon have even more revenues rolling in, once the online gambling industry launches. Representative Brandt Iden has been trying for years to see his state enter the iGaming market and was recently recognized for his efforts to protect consumers of Michigan as well as modernize gaming laws.
Governor Gretchen Whitmer recently held a ceremonial signing where Iden was regaled as the gaming package lead sponsor. The deal was officially signed into law in December, allowing fantasy sports, horse racing, charitable gaming, sports betting and casino gaming laws to change.
The new online gambling industry will be regulated by the Gaming Control Board and safety features will be included as well as strict oversight to ensure that all participants are of age and fraud is avoided.
A portion of the gross online gaming and sports betting revenues will be used to improve public services. This will allow the state to avoid raising taxes at the grocery stores or gas stations of the state, as previously considered.
Operators are ready to get started so hopefully by 2021, we will be able compare revenue earning that include not only the land-based casinos but also the new online gaming sites offering casino games in the state.