'Michigan Regulator Renews Detroit Casino Licenses' - iGamingBusiness
Portfolio Pulse from Happy Mohamed
The Michigan Gaming Control Board (MGCB) has renewed licenses for MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown, which will run through to August next year. The three casinos posted $107.2m in revenue for July, level with last year and slightly up month-on-month. The casinos pay tax at a rate of 18% on adjusted gross receipts and an 8.4% tax on their retail sports betting qualified adjusted gross receipts.
August 16, 2023 | 2:24 pm
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POSITIVE IMPACT
The renewal of the license for MGM Grand Detroit by the MGCB is a positive development for MGM Resorts International. The casino's contribution to the July revenue of $107.2m indicates a stable performance.
The renewal of the license ensures the continuity of MGM Grand Detroit's operations, which is a positive development for MGM Resorts International. The stable revenue performance indicates a steady income stream for the company.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80