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Detroit casinos revenue continues to fall14 July 2020(PRESS RELEASE) -- The Detroit casinos' year-to-date aggregate revenue fell 59.3% through 30 June as the COVID-19 health emergency has kept their doors closed since 16 March. During the first six months of 2019, the casinos reported $735.4 million in aggregate revenue or $436.2 million more than year-to-date 2020 results. This year, the casinos reported $299.2 million in aggregate revenue through mid-March. YTD 2020 Detroit casino results compared with 2019 (through 30 June) Casino YTD 2020 Revenue (in millions)/YTD 2019 Revenue (in millions)/YTD Revenue Change from Previous Year (in millions)/YTD Percentage Comparison (+ or -) MGM Grand Detroit Casino/$126.5/$315.1/- $188.6/- 59.8% MotorCity Casino/$102.6/$250.5/- $147.9/- 59.0% Greektown Casino Hotel/$70.1/$169.8/- $99.7/- 58.7% Total/$299.2/$735.4/- $436.2/- 59.3% Through 30 June, the Detroit casinos paid $24.2 million in state gaming taxes compared with $59.5 million for the same period last year, which is a $35.3 million decrease. The three Detroit casinos reported submitting $35.6 million in wagering taxes and development agreement payments to the City of Detroit year to date compared with $87.5 million for the same six-month period last year, which is a $51.9 million decrease. Fantasy Contests During May, fantasy contest operators reported total adjusted revenue of $329,173 and paid taxes of $27,651 to the State of Michigan. Fantasy contest operators reported $3,564,620 in aggregate adjusted revenue through June 30 and paid $299,428 in taxes. |