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Detroit casinos see revenue drop8 June 2020(PRESS RELEASE) -- The three Detroit casinos’ year-to-date aggregate revenue of $299.2 million was down by 51.6 percent through May compared with $617.9 million in aggregate revenue reported for the same five-month period last year. The casinos did not produce revenue in May because they were ordered to remain closed due to COVID-19 health concerns. Gov. Gretchen Whitmer’s Executive Order 2020-110 continues the closure of the casinos until further notice. Casino/ YTD 2020 Revenue (in millions)/ YTD 2019 Revenue (in millions)/ YTD Change in Revenue from Previous Year (in millions)/YTD Percentage Comparison (+ or -) MGM Grand Detroit Casino/$126.5/$264.4/- $137.9/- 52.1% MotorCity Casino/$102.6/$210.6/- $108.0/- 51.3% Greektown Casino Hotel/$70.1/$142.9/- $72.8/- 50.9% Total/$299.2/$617.9/- $318.7/- 51.6% Taxes and Other Payments Through May 31, the three Detroit casinos paid $24.2 million in state gaming taxes compared with $50 million for the same period last year. The result is a $25.8 million decrease in tax payments. The three Detroit casinos reported submitting $35.6 million in wagering taxes and development agreement payments to the City of Detroit through May compared with $73.5 million for the same period last year. The result is a $37.9 million decrease in payments to the city. Fantasy Contests For the month ended April 30, fantasy contest operators reported total adjusted revenues of $184,289 and paid the state $15,480 in taxes. Year-to-date through April, fantasy contest operators reported aggregate adjusted revenues of $3.1 million and paid $263,643 in taxes. |