While some casinos are closing down, others are thriving. Everyone likes a success story, and there is one in the news right now for Michigan. Reports are in for Detroit casinos for February of 2019. This is top news for state gamers.
There are three winners to congratulate: MGM Grand, MotorCity and Greektown have shown $114.6 million in aggregate revenue for the month of February. This is a marked increase for the same time last year. These locals are no surprise given that they have a nice 43% market share. This is a 4.1% improvement overall.
So what are the actual numbers? According to the Michigan Gaming Control Board, Greektown Casino-Hotel, MotorCity Casino Hotel and MGM Grand Detroit reported a total of $114.6 million in revenue in the last thirty days. The cream is rising to the top and will it continue in subsequent months?
MGM is at the top of the casino pyramid, growing to $49.5 million, or a 7.9% rise compared to the same time period in 2018. What about MotorCity? It rose a mere one percent to $38.7 million, while Greektown edged a bit higher at 1.9 percent to $26.4 million.
Market share is a good indicator of the future prospects of the Detroit casinos. MGM enjoys the biggest piece of the pie with MotorCity a bit farther behind at 34% and Greektown at 23%. Of course, profits provide much needed revenues for Michigan who gathered up $9.3 million in gaming taxes in February. Development agreements also entail payments to Detroit. Clearly gaming and government health are inextricably intertwined.
A version of this article first appeared at crainsdetroit.com