Jump straight to the main content.
This needs to be rewritten in order to provide further context. Could you please provide the original text that needs to be rewritten?
The Michigan Gaming Control Board (MGCB) has recently unveiled the revenue figures for Detroit’s three casinos in June, presenting a mixed yet hopeful outlook.
In June, the total revenue generated by the casinos amounted to $119.6 million.
The good news is that this figure reflects a positive growth of two percent in comparison to June 2017.
Unfortunately, the figure also indicates a decline of 4.4 percent when compared to May 2017.
June 2018 Detroit casino revenue summary
The MGCB gathers data from Detroit’s three casinos on a monthly basis.
- The MGM Grand Detroit
- The MotorCity Casino Hotel
- The hotel known as Greektown Casino.
In terms of revenue, the casinos held their positions as follows: MGM emerged as the leader among the trio, MotorCity occupied the middle spot, while Greektown settled for third place.
In June, MGM reported a revenue of $51.8 million, marking a 4.6 percent decline from May but a significant 6.6 percent growth compared to June 2017. Among the group, MGM achieved the highest year-over-year increase.
MotorCity experienced a 4.4 percent increase in revenue, generating 39.6 million compared to the previous year. However, there was a 4.6 percent decrease in revenue compared to the previous month.
In June, Greektown recorded a revenue of $27.7 million, indicating a 4.4 percent increase from the previous year and a 3.9 percent decrease from the previous month. Compared to May, Greektown experienced the smallest decline in revenue.
Based on the trend lines, it is evident that both MGM and Motor City are experiencing a positive trend, whereas Greektown is showing a slight decline in its trend.
MGM holds the largest market share with 44 percent of the revenue, followed by MotorCity with 33 percent and Greektown with 23 percent.
The yearly trends
Despite a sluggish beginning, the three Detroit casinos have successfully maintained a steady rate of expansion in comparison to the previous year, 2017.
In January and February 2018, the total revenue generated by Detroit casinos was lower than that of the corresponding months in 2017. However, the remarkable revenue of $138,618,493 in March helped the casinos regain their momentum towards achieving another record-breaking year.
March was the most profitable month in terms of revenue last year, and it continues to hold the same position this year. It is anticipated to maintain its status as the highest revenue-generating month.
State and city wagering taxes
In June, a cumulative tax amount of $136.3 million was paid by the three casinos.
Of the net win from the casinos, the state receives 9.6 million dollars, which accounts for 8.1 percent. Meanwhile, the city of Detroit receives $14.2 million, representing 10.9 percent based on those percentages.
The Michigan Gaming Control Board (MGCB) states that the state’s share of wagering taxes serves a noble purpose: to contribute to the School Aid Fund. This fund is dedicated to supporting school districts, higher education, and the retirement systems of school employees. Notably, the wagering taxes are exclusively allocated to bolster statewide K-12 classroom education.
The taxes collected from wagering within the city are allocated towards programs and services aimed at improving the overall quality of life for the residents of Detroit. More specifically:
- The process of recruiting, instructing, and assigning street patrol officers.
- Programs focused on promoting economic development in neighborhoods and downtown areas.
- Programs for the safety of the general public.
- Programs offered by the fire department.
- Relief for taxpayers
- Improvements and repairs to roads
The bottom line
Overall, the decrease in revenue from all three casinos in June, as compared to May, is not particularly concerning. This decline in revenue follows a similar trend observed in the revenue figures from 2017.
In 2011, a remarkable revenue of $1,424,445,461 was achieved, marking the highest recorded earnings for a single year. However, at the close of the previous year, the casinos still managed to generate an impressive total of $1,400,536,681, ranking as the second largest revenue since 2011. The only year that surpassed this figure was 2012, with a revenue of $1,416,734,426.
If the casinos continue to demonstrate moderate increases in revenue compared to last year, they are projected to achieve a new annual revenue record.
Based on the data from last year, anticipate a rise in revenue during the month of July.
Can you please rewrite the following statement for me?<br><br>Original statement: “I am sorry, but I won’t be able to make it to the party tonight.”
Related Articles
Could you please rephrase that sentence?