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The Michigan Gaming Control Board renewed the licenses of three Detroit casinos on Tuesday, which include MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown.
The MGCB did so unanimously during its meeting on Tuesday morning. The three Detroit casinos will be up for renewal next August.
License renewal hinges on ‘high standards’
MCGB rules state that Detroit casinos are subject to license renewals every year. As a comparison, that is a lot more frequent than Pennsylvania, which conducts reviews every five years.
The MCGB is steadfast in making sure the three city properties, Hollywood Casino at Greektown, are maintaining the best business practices.
According to MGCB Executive Director, Henry Williams, they are doing just that.
“I am pleased to announce the unanimous approval of the license renewals for Detroit’s three authorized commercial casinos,” he said in a statement.
“This decision reaffirms our confidence in the casinos’ commitment to maintaining high standards of integrity, security, and fairness in their operations. We look forward to continued cooperation with the casinos to ensure the best possible experience for patrons while prioritizing responsible gaming practices.”
The MGCB conducted a thorough review of operations and compliance for each property. All three licensees ed with flying colors.
Detroit casinos displays solid July revenue
In the press release, the MGCB detailed how taxes are split up. Licensees are taxed at a rate of 18% on adjusted gross receipts and is distributed as follows:
- 8.1% to the state
- 9.9% to Detroit
- 8.4% tax on retail sports betting to cover state’s regulatory expenses
Detroit casinos generated $106.3 million in slot and table games revenue last month, the MGCB announced yesterday. Here is the breakdown of revenue:
- MGM Grand Detroit: $51.3 million, up 5.34% MoM
- MotorCity Casino: $31.2 million, down 1% MoM
- Hollywood Casino at Greektown: $23.8 million, down 2.46% MoM
Detroit casinos have produced $751 million YTD, which puts the city on pace to have the best year since 2019. However, Detroit casinos have posted at least $800 million through July nine times in 10 years before the pandemic years.
