Detroit increases casino revenue

The latest report released by the local regulator revealed that casino revenue was up from last year.

The latest information released by the local regulator revealed that casino revenue was up from last year.

The Michigan Gaming Control Board released on Tuesday the numbers that show that Detroit’s three casinos combined revenue of US$112 million in October, 1.7 percent up from the same period a year ago.

The three facilities reported payments of US$13.9 million to the city of Detroit in wagering taxes and development agreement payments. Another US$9.1 million were paid in gaming taxes to the state of Michigan, which represent the third largest source of revenue in the city, only behind state revenue sharing and income taxes.

The local regulator said that the biggest company in terms of market share in October was MGM with a 43 percent, only followed by MotorCity with 34 percent and Greektown with 23 percent.

Back in July, the MGCB revealed that the gaming industry has contributed to the state’s funds with US$4.5 billion during the last two decades. Once the government approved casino legalisation in July 17, 1997, the three gaming venues installed in Detroit have helped develop the city. Furthermore, the three Detroit casinos have generated over 1,400 businesses and 6,800 job positions.