Gaming Legal News: October 13, 2011 • Volume 4, Number 31

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In this issue: Eastern European Gaming Summit; ICE Gaming Conference Set; ABA Gaming Law Minefield Conference; Detroit Casino's September Revenues Increase From Same Month Last Year: and Michigan Gaming Control Board Releases September 2011 Revenue Data.

Excerpt from 'Detroit Casino's September Revenues...':

The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for September 2011 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 4.1% increase in gaming revenues compared to the same month in 2010. Aggregate gross gaming revenue for the Detroit commercial casinos decreased, however, by approximately 1.1% compared to August 2011 revenue figures, continuing the trend of a similar decrease in revenues between August and September in prior years.

MGM Grand Detroit posted positive gaming revenue results for September 2011 as compared to the same month in 2010, with gaming revenue increasing by slightly less than 4.5%. MGM Grand Detroit continued to maintain the largest market share among the three Detroit commercial casinos and had total gaming revenue in September 2011 of approximately $48.6 million. MotorCity Casino had monthly gaming revenue exceeding $38 million and posted a 10.5% improvement in September 2011 over its September 2010 revenues. As in August of 2011, in September of 2011 Greektown maintained a market share of roughly 23.5% and had gaming revenue of approximately $27 million.

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Published In: General Business Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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