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Revenue drops at three Detroit casinos

DETROIT, Michigan -- As reported by the Detroit Free Press: "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..."

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