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April 16, 2014

Michigan Gaming Revenues Slightly Decrease in 2012

The Michigan Gaming Control Board (“MGCB”) released both the December 2012 and the 2012 annual revenue and wagering tax data for the three Detroit, Michigan, commercial casinos. The aggregate annual revenue for the three Detroit casinos decreased by 0.5% in 2012 relative to 2011. The slight decrease for 2012 bucks a trend of upward revenues in the prior two years: 2011 revenue figures showed a 3.4% increase over those in 2010; and 2010 revenues in turn showed a 2.4% increase over those in 2009.

In 2012, MGM gained 0.6% of the Detroit market, with its share rising to 42.7%. Greektown also added market share in 2012, gaining 0.1% over 2011, rising to 24.85%. MotorCity Casino lost the reciprocal 0.7%, dropping to 32.45% of the market for the year.

For December 2012, the three Detroit commercial casinos posted a collective 4.4% decrease in gaming revenues compared to the same month in 2011. Aggregate gross gaming revenue for the Detroit commercial casinos increased, however, in December 2012 compared to November 2012 revenue figures by approximately 4.8%, continuing a trend of an increase in revenues from November to December in prior years.

MGM Grand Detroit posted negative gaming revenue results for December 2012 as compared to the same month in 2011, with gaming revenue decreasing by nearly 3.1%. MGM Grand Detroit continued to maintain the largest market share among the three Detroit commercial casinos and had total gaming revenue in December 2012 of slightly less than $50.7 million.

MotorCity Casino had monthly gaming revenue exceeding $40.2 million and posted a 0.5% decrease in December 2012 compared to its December 2011 revenues. Greektown Casino had gaming revenue of approximately $27.3 million, with its gaming revenue decreasing by 11.9% compared to December 2011.

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