For those who believed that casinos revenues were immune to the whims of the general economy, October revenues for the three Detroit casinos provided more evidence to the contrary.
In the aggregate, gaming revenues fell $7.1 million in October for the three Detroit casinos.
The lone bright spot was the MotorCity Casino, which saw its revenues increase slightly to $37.9 million, from $37.7 million in October 2007.
MGM Grand Detroit saw the largest drop, to $48.4 million, from $54.9 million in October 2007. MGM's year-over-year numbers are slightly deceiving, however, as October 2007 was the month of MGM's grand-opening of its permanent casino. Accordingly, its October 2007 revenues were unnaturally high.
Greektown Casino continued its slow march into irrelevance, with its revenues dropping to $24.7 million, from $25.6 million in October 2007.
Showing posts with label revenues. Show all posts
Showing posts with label revenues. Show all posts
Saturday, November 08, 2008
Thursday, August 14, 2008
July 2008 Detroit Casino Revenues
MGM Grand Detroit: $50.5 million in July 2008, up 23.2% from July 2007, up 19.5% January-July 2008 versus 2007.
MotorCity: $39.6 million in July 2008, down 7.26% from July 2007, down 1.6% January-July 2008 versus 2007.
Greektown: $25.4 million in July 2008, down 13.2% from July 2007, down 6.68% January-July 2008 versus 2007.
MotorCity: $39.6 million in July 2008, down 7.26% from July 2007, down 1.6% January-July 2008 versus 2007.
Greektown: $25.4 million in July 2008, down 13.2% from July 2007, down 6.68% January-July 2008 versus 2007.
Saturday, May 03, 2008
March Detroit Casino Revenues
Revenues for March 2008 at MGM Grand were up 5.94% over March 2007, to $50.2 million. This compared to decreases of 3.7% at MotorCity Casino compared to March 2007, with March 2008 revenues of $41.3 million. Revenues at at Greektown Casino were down 3.58% to $33.2 million in March 2008.
Monday, March 31, 2008
February 2008 Revenues for Detroit Casinos
MGM Grand Detroit: $47 million in February 2008, up 27.9% from February 2007.
MotorCity: $38.3 million in February 2008, down 2.25% from February 2007.
Greektown: $27 million in February 2008, down 6.89% from February 2007.
It should be noted that 2008 is a leap year, so revenues would be up 3.5% even if daily revenue remained constant. Put another way, MotorCity was actually down closer to 5% on a comparable day basis, and Greektown was down closer to 10%. Not a good showing at all.
MotorCity: $38.3 million in February 2008, down 2.25% from February 2007.
Greektown: $27 million in February 2008, down 6.89% from February 2007.
It should be noted that 2008 is a leap year, so revenues would be up 3.5% even if daily revenue remained constant. Put another way, MotorCity was actually down closer to 5% on a comparable day basis, and Greektown was down closer to 10%. Not a good showing at all.
Tuesday, January 15, 2008
December 2007 Detroit Casino Revenues Reported
The Michigan Gaming Control Board has released the December 2007 results for the three Detroit casinos, MGM Grand, MotorCity, and Greektown. The full year 2007 results were also released.
For December 2007, MGM Grand Detroit's revenues were $46,746,114, which is down approximately $40,000 from November 2007. Year-over-year, the December 2007 revenues were up $4,000,000 from December 2006. For the full year, MGM Grand Detroit's revenues were $513,480,980, up $24,000,000 from 2006.
MotorCity's revenues for December 2007 were $39,522,591, which was up approximately $1,200,000 from November 2007. The December 2007 revenues were down $3,500,000 from December 2006. For the full year, MotorCity's revenues were $415,214,415, up $11,500,000 from 2006.
Greektown, which is the only Detroit casino not to have opened its hotel yet, revenues for December 2007 were $27,375,747, which was down approximately $750,000 from November 2007. December 2007's revenues were down $2,700,000 from December 2006. Full year revenues for 2007 were down $3,700,000 versus 2006 for Greektown.
These revenue increases was good for a 2.4% increase over 2006 revenues, which is the slowest since the Detroit casinos opened.
These are troubling numbers for Greektown and MotorCity.
For MotorCity, the trouble is that the casino has opened new gaming areas and its hotel, yet revenues for December 2007 were substantially lower than December 2006.
The trouble for Greektown is more substantial. Greektown has long blamed its third-place revenue finishes on the casino's lack of abundant free parking close to the casino. Yet, even after November 15, 2007, when Greektown opened its 2,900 space free parking structure connected to the casino, Greektown's revenues continue to lag.
For December 2007, MGM Grand Detroit's revenues were $46,746,114, which is down approximately $40,000 from November 2007. Year-over-year, the December 2007 revenues were up $4,000,000 from December 2006. For the full year, MGM Grand Detroit's revenues were $513,480,980, up $24,000,000 from 2006.
MotorCity's revenues for December 2007 were $39,522,591, which was up approximately $1,200,000 from November 2007. The December 2007 revenues were down $3,500,000 from December 2006. For the full year, MotorCity's revenues were $415,214,415, up $11,500,000 from 2006.
Greektown, which is the only Detroit casino not to have opened its hotel yet, revenues for December 2007 were $27,375,747, which was down approximately $750,000 from November 2007. December 2007's revenues were down $2,700,000 from December 2006. Full year revenues for 2007 were down $3,700,000 versus 2006 for Greektown.
These revenue increases was good for a 2.4% increase over 2006 revenues, which is the slowest since the Detroit casinos opened.
These are troubling numbers for Greektown and MotorCity.
For MotorCity, the trouble is that the casino has opened new gaming areas and its hotel, yet revenues for December 2007 were substantially lower than December 2006.
The trouble for Greektown is more substantial. Greektown has long blamed its third-place revenue finishes on the casino's lack of abundant free parking close to the casino. Yet, even after November 15, 2007, when Greektown opened its 2,900 space free parking structure connected to the casino, Greektown's revenues continue to lag.
Tuesday, December 11, 2007
November Detroit Revenues: MGM Falls Back To Earth; Parking Helps Greektown; MotorCity Treads Water
The November revenue report is now out for the three Detroit casinos.
MGM Grand Detroit fell back to earth a bit from its gargantuan October numbers. MGM's November revenue was $46.8 million, down from $54.9 million in October, but still up $6 million from November 2006.
Greektown's new parking structure was only open for half of the month, but it still led to an approximately 10% increase in monthly revenues, to $28.1 million from $25.6 million in October.
MotorCity, which opened its hotel at the tail end of November, essentially stayed static, with its revenues at $38.3 million, compared to $37.7 million in October.
MGM Grand Detroit fell back to earth a bit from its gargantuan October numbers. MGM's November revenue was $46.8 million, down from $54.9 million in October, but still up $6 million from November 2006.
Greektown's new parking structure was only open for half of the month, but it still led to an approximately 10% increase in monthly revenues, to $28.1 million from $25.6 million in October.
MotorCity, which opened its hotel at the tail end of November, essentially stayed static, with its revenues at $38.3 million, compared to $37.7 million in October.
Sunday, December 09, 2007
Little River Casino Revenues
The Little River Band of Ottawa Indians, which owns the Little River Casino Resort, paid $991,000 to the Manistee County Local Revenue Sharing Board. The amount, which is 2 percent of slot machine net win for a six month, corresponds to annual slot net win of $99.1 million from the Little River Casino Resort. This compares to anticipated annual slot net win at the newly opened Four Winds Casino of $167.5 million.
Tuesday, December 04, 2007
Administrative Complaints Cause Four Winds To Withhold Local Tax Payments
As further evidence that money can cause disputes, the Pokagon Band of Potawatomi Indians Tribe, which owns the Four Winds Casino, is withholding its required 2% payment to local governments while the local governmental entities continue to fight with each other and the Tribe over the composition of the board that will distribute the local payment.
The Tribe has instead deposited the local revenue payment for the first two months of operation of the casino into an interest-bearing escrow account, until the dispute with the local board is resolved.
One interesting note from the articles is that based upon the local revenue payments, which are 2% of net win from electronic gaming (presumably slots), the Four Winds Casino is estimating its annual net win from slots at approximately $167.5 million.
The Tribe has instead deposited the local revenue payment for the first two months of operation of the casino into an interest-bearing escrow account, until the dispute with the local board is resolved.
One interesting note from the articles is that based upon the local revenue payments, which are 2% of net win from electronic gaming (presumably slots), the Four Winds Casino is estimating its annual net win from slots at approximately $167.5 million.
Monday, November 19, 2007
MGM Grand Detroit Revenues Up 38.4% In October 2007
The move from the temporary MGM Grand casino to the permanent MGM Grand Detroit Casino caused revenues to increase 38.4% when comparing October 2007 to October 2006. Revenues for October 2007 totaled $54.9 million. The increase was achieved even though the casino was shut down for 2 days to effectuate the move from the temporary casino to the permanent casino.
However, the increases experienced by MGM Grand Detroit were not shared by either Greektown Casino, where revenues decreased by 1% to $25.6 Million (likely caused by hotel and road construction headaches at the casino), or by MotorCity Casino, where revenues increased only 1% to $37.7 Million.
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