BY MARY FRANCIS MASSON • FREE PRESS BUSINESS WRITER
Revenue and taxes generated at all three Detroit casinos dropped by 8.1% in December, compared with December 2007. But despite the fourth quarter declines, yearly revenues went up 1.84% in 2008.
The casino revenues hit $1.36 billion in the full year 2008.
For the month of December, Greektown’s revenue dropped 12.76%, MotorCity Casino dropped 11.52% and MGM Grand dropped by 2.47%.
Also in December, MGM took the biggest chunk of the market share with 44 %, followed by MotorCity with 33% and Greektown with 23%.
Gaming taxes also dropped in December, with $9.42 million generated compared with $12.4 million in the same period last year. Much of the reductions were because of state and city tax rollbacks granted to MGM and MotorCity.