United States: Detroit Casinos’ May Revenues Decrease From Same Month Last Year: Michigan Gaming Control Board Releases May 2013 Revenue Data

The Michigan Gaming Control Board ("MGCB") released the revenue and wagering tax data for May 2013 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 1.6% decrease in gaming revenues compared to the same month in 2012. Aggregate gross gaming revenue for the Detroit commercial casinos also decreased by approximately 2.9% compared to April 2013 revenue figures, continuing a similar decrease in revenues between April and May in prior years.

MGM Grand Detroit posted lower gaming revenue results for May 2013 as compared to the same month in 2012, with gaming revenue decreasing by nearly 6.6%. MGM Grand Detroit continued to maintain the largest market share among the three Detroit commercial casinos and had total gaming revenue in May 2013 of approximately $48.3 million. MotorCity Casino had monthly gaming revenue in excess of $39.6 million, with revenues increasing by more than 7.1% in May 2013 compared to May 2012. Greektown Casino had monthly gaming revenue exceeding $28.5 million, and posted a 3.8% decrease in revenues for May 2013 compared to the same month in 2012.

The revenue data released by the MGCB also includes the total wagering tax payments made by the casinos to the State of Michigan. The gaming revenue and wagering tax payments for MGM Grand Detroit, MotorCity Casino, and Greektown Casino for May 2013 were:

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