During a frequently scheduled public assembly, the Michigan Gaming Control Board (MGCB) unanimously voted to approve the renewal of the licenses for the three approved Detroit casinos — MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown.
By legislation, three votes, which represent a quorum for the Board, are required in help of ultimate determinations on functions for a on line casino license.
“Renewing a casino license reflects an ongoing commitment to operate a reputable and responsible establishment,” MGCB Executive Director Henry Williams mentioned. “It signifies a dedication to maintaining high standards of quality, security, and fair play within the industry. The renewal of these licenses is validation of the casinos’ commitment to operating as responsible and valued corporate citizens within Michigan that contribute positively to the state’s gambling industry while ensuring a safe and enjoyable experience for all patrons.”
The Michigan Gaming Control and Revenue Act established the on line casino license utility course of and the data candidates should share with the MGCB. For a on line casino license renewal, the MGCB should conduct a complete analysis of varied features of the on line casino, together with its monetary stability, operational integrity, and adherence to authorized and regulatory frameworks in addition to accountable gaming practices.
Licensees are taxed at a fee of 18% on adjusted gross receipts and remit their wagering tax day by day by way of digital funds switch. The state receives 8.1%, and the City of Detroit receives 9.9% of the wagering tax plus improvement settlement funds. The casinos additionally pay an 8.4% tax on retail sports activities betting certified adjusted gross receipts, in addition to an annual charge to cowl the state’s regulatory bills.
The three Detroit casinos would every be eligible for license renewals once more in August 2024.
The three Detroit casinos reported $107.2 million in month-to-month combination income for the month of July 2023, the newest month of reporting. A complete of $106.7 million was generated from desk video games and slots, and $477,543 from retail sports activities betting.
The July market shares have been:
- MGM: 47%
- MotorCity: 29%
- Hollywood Casino at Greektown: 24%