May’s Casino Business Was Booming In The Motor City
The real money casino business was better than expected in quite a few states during the month of May. According to a recent post on Crain’s Detroit Business website by Tyler Clifford, the Motor City’s casino revenue was up 3.9 percent this May over the same month last year. According to the Michigan Gaming Control Board, the total revenue figure for Detroit casinos last month was close to $125 million with MGM Grand Detroit Casino garnering 44 percent of the real money casino business. The city of Detroit reported that it took in $14.8 million in taxes and other development agreement payments as a result of this revenue figure.
What Other Detroit Casino Businesses Were Booming?
Detroit casino revenue in the month of April was also up against the same month last year but as a much more moderate 0.5 percent gain. Going back over the first five months of the year, the increase in casino revenue stands at 1.2 percent against the same five months in 2017.
MGM Grand Detroit Casino is the biggest player in the market. Its real money gambling revenue topped $54 million in the month a May. This reflects a gain of 7.6 percent. Next on the list was the MotorCity Casino Hotel with a total of $41.5 million in casino revenue. This was a gain of 2.2 percent over its revenue figure for May of 2017. Greektown Casino-Hotel posted a modest 0.02 percent gain in May to $28.8 million after falling 0.05 percent off the pace in April.
MGM Grand’s increase in revenue in May boosted its market share in the Detroit casino industry by three percent. MotorCity’s market share was reported to be 33 percent with Greektown Casino-Hotel accounting for the other 23 percent of the city’s real money casino business.
When it came to the tax revenue generated by these three Detroit casinos’ real money gambling revenue, the trio paid $10.1 million as opposed to the $9.7 million in taxes paid in May of 2017. The city of Detroit walked away with a total of $14.8 million when you add in the development agreement payments that are also part of the deal. All of these figures were included in the Michigan Gaming Control Board’s monthly report.
About The Real Money Gambling Laws Online In Michigan
In other real money gambling news in the state of Michigan included on the Crain’s Detroit Business website, it was noted that a bill was passed in the House to open the door to online gambling as well as legalized sports betting. Part of the provisions of this gambling expansion bill include an eight percent tax on any online wager as compared to the 19 percent tax that Detroit’s casinos are currently paying. Each of those casinos would have the opportunity to apply for an online real money gambling license. Michigan also has 23 tribal casinos that could apply for an online gambling permit with authorization from the state through a compact.
The bill’s sponsor was Republican Representative Brandt Iden of Oshtemo Township outside of Kalamazoo. He was quoted in this report as saying, “Everything we do today is moving to an online platform. It (the bill) takes the same games that you can play inside the casino and now puts them online…”
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