The casino field in Detroit, Michigan has been witnessing a drop in gambling revenue since the beginning of this year and this is visible by the performance data which was issued this week. The months of January and February have seen a plunge of more than 3 percent in comparison to the performance of the city at the beginning of 2017. As it has been confirmed, all three of the operating gambling facilities are experiencing a decrease in their revenue figures.
Detroit is the most populous city in the U.S. state of Michigan and the largest city on the United States–Canada border. The Michigan Gaming Control Board is the authority which oversees the operation of the gambling industry in the state. As it was revealed by the latest revenue reports of the casino venues which are in operation, there has been a significant drop in their performance when compared to the figures from January and February of 2017.
The total revenue of the three casino venues for the month of February amounts to $110 million and the reason behind this might be because of the casino taxes in the state which are Detroit’s third largest source of revenue. This marks a 6.1-percent plunge in comparison to the February 2017 earnings at the three casino facilities combined.
Casino Performance of the Facilities
Greektown Casino is one of the locations which provides the area with gaming offerings and according to its reports, the venue has marked more than 9-percent less revenue year-on-year. Back in February 2017, the reports were showing about $26 million which is more than the current performance of the venue. This is also the venue with the lowest rates of performance and popularity among the three of them, as it could be seen by the monthly revenue rates since 2016, which never go above $40 million. The market share of Greektown in February amounted to some 23 percent.
For reference, MGM Grand’s monthly revenue has seen figures of more than $50 million and is constantly above the $45-million mark. MotorCity Casino is the other location which usually holds the runner-up position when it comes to revenue and popularity among the citizens of Detroit and for the month of February, it saw a 5.6-percent decrease in its revenue, meaning that it amassed slightly more than $38 million over the 28 days of the month.
Its usual performance revolves around the $40-million mark and this is a slight drop year-on-year. MotorCity’s market share in the second month of 2018 reached 35 percent. In the meantime, MGM Grand’s revenue saw the smallest drop among the existing casino facilities, as it marked only a 4.7-percent decrease to $46 million, compared to the same month last year. As for the market share of the brand, it amounted to some 42 percent.
Meanwhile, the three casino facilities combined reported that the month of February also resulted in the payment of $13.1 million in various wagering taxes and development agreement expenses to the city of Detroit, while $8.9 million were paid in gaming taxes to the state of Michigan.