5.14.08
MGM Grand’s gambling revenue up in 2008
By Robert Ankeny
MGM Grand Detroit Casino L.L.C. reported gambling revenue to the Michigan Gaming Control Board of more than $190.7 million for the first four months of 2008, up 15.1 percent over the same period in 2007.
MGM’s strong showing put aggregate revenue for the three Detroit casinos for the first four months of 2008 about 3.55 percent ahead of last year, at $465.8 million vs. $448.55 million. That’s despite down figures by the other two casinos.
Detroit Entertainment L.L.C. (MotorCity Casino) and Greektown Casino L.L.C. reported 2008 revenue less than 2007 by 1.4 percent and 4.6 percent, respectively when measured for the first four months of the year.
In April, MGM had almost $46.9 million in revenue, up 14.2 percent from 2007. MotorCity at $40.7 million last month exceeded April 2007 revenue by nearly 3.5 percent. Greektown reported revenue of $28.6 million for April 2008, down almost 5 percent from its April 2007 take.
Gambling revenue is what casinos keep from the amount wagered, after paying winners but before paying taxes, wages, utilities and other expenses.
Taxes paid to the state of Michigan so far this year were $45.9 million, and to the city of Detroit almost $52 million.
MGM Grand Detroit Casino L.L.C. reported gambling revenue to the Michigan Gaming Control Board of more than $190.7 million for the first four months of 2008, up 15.1 percent over the same period in 2007.
MGM’s strong showing put aggregate revenue for the three Detroit casinos for the first four months of 2008 about 3.55 percent ahead of last year, at $465.8 million vs. $448.55 million. That’s despite down figures by the other two casinos.
Detroit Entertainment L.L.C. (MotorCity Casino) and Greektown Casino L.L.C. reported 2008 revenue less than 2007 by 1.4 percent and 4.6 percent, respectively when measured for the first four months of the year.
In April, MGM had almost $46.9 million in revenue, up 14.2 percent from 2007. MotorCity at $40.7 million last month exceeded April 2007 revenue by nearly 3.5 percent. Greektown reported revenue of $28.6 million for April 2008, down almost 5 percent from its April 2007 take.
Gambling revenue is what casinos keep from the amount wagered, after paying winners but before paying taxes, wages, utilities and other expenses.
Taxes paid to the state of Michigan so far this year were $45.9 million, and to the city of Detroit almost $52 million.
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