Detroit Casinos Report Record Profits In 2018The State's Three Commercial Casinos Generate $1.44 Billion In Revenue |
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About a week after the now former Michigan Gov. Rick Snyder vetoed a bill that would have legalized online gambling in the state, the only three commercial casinos in the state reported record-high revenues.
Michigan’s three commercial casinos, all located in Detroit, combined for $1.44 billion in annual revenue last year. The 2018 numbers represent a 3.1 percent increase from 2017 and $20 million more than its previous record in 2011, when the three properties took in $1.42 billion.
MGM Grand Detroit held the largest market share of the three with 43 percent and $619.2 million in revenue. MotorCity Casino generated $489.7 million in revenue to claim 34 percent of the market and Greektown Casino reported $335.2 million in gross earnings for the year, giving them the remaining 23 percent of the market.
MGM Grand and MotorCity set new records in annual revenue, while Greektown fell $17.6 million short of their previous high. Dan Gilbert, owner of the Cleveland Cavaliers and Greektown, recently sold the casino to Penn National Gaming for $1 billion.
Slots generated $1.17 billion, or 81 percent of the total revenue.
The record revenues were also a big payday for the city and state governments, with $117 million paid to the state of Michigan and another $189.2 million forked over to the City of Detroit.
The fear of losing this tax revenue was a major factor in Snyder’s decision to veto HB4926. He feared that online gambling’s lower tax rate would shift sales away from brick-and-mortar casinos, as well as the state lottery, which generated $924.1 million towards the state’s public school system.
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