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Detroit casinos take big hit so far in 202012 May 2020(PRESS RELEASE) -- The Detroit casinos reported $299.2 million in aggregate revenue through April, which is down 39.2% from $492.1 million in revenue reported for the same four months in 2019. All three locations have remained closed since March 16 under various Executive Orders issued by Gov. Gretchen Whitmer because of the COVID-19 health emergency. YTD Detroit casino results compared with 2019 (through 30 April) 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/$210.0/- $83.5/- 39.7% MotorCity Casino/$102.6/$168.7/- $66.1/- 39.2% Greektown Casino Hotel/$70.1/$113.4/- $43.3/- 38.2% Total/$299.2/$492.1/- $192.9/- 39.2% The casinos did not report aggregate revenue for April because health concerns mandated their continued closure. Last April, the casinos recorded $125.1 million in aggregate revenue. Through 30 April, the casinos have paid a total of $24.2 million in gaming taxes to the State of Michigan compared with $39.8 million for the first four months of 2019. The result is a $15.6 million decrease. The three Detroit casinos reported submitting $35.6 million in wagering taxes and development agreement payments to the City of Detroit from January through April. This compares with $58.6 million paid during the same period last year, resulting in a $23 million decrease. Fantasy Contests For the month ended 31 March, fantasy contest operators reported total adjusted revenues of $431,620 and paid state taxes of $36,256. For the first quarter, fantasy contest operators reported $2,863,655 in adjusted revenues and paid $240,547 in taxes to the state. |