Michigan Votes To Renew Detroit Casino Licenses
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During a regularly scheduled public meeting, the Michigan Gaming Control Board (MGCB) unanimously voted to approve the renewal of the licenses for the three authorized Detroit casinos — MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown.
By law, three votes, which constitute a quorum for the Board, are required in support of final determinations on applications for a casino license.
“Renewing a casino license reflects an ongoing commitment to operate a reputable and responsible establishment,” MGCB Executive Director Henry Williams said. “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 casino license application process and the information applicants must share with the MGCB. For a casino license renewal, the MGCB must conduct a comprehensive evaluation of various aspects of the casino, including its financial stability, operational integrity, and adherence to legal and regulatory frameworks as well as responsible gaming practices.
Licensees are taxed at a rate of 18% on adjusted gross receipts and remit their wagering tax daily via electronic funds transfer. The state receives 8.1%, and the City of Detroit receives 9.9% of the wagering tax plus development agreement payments. The casinos also pay an 8.4% tax on retail sports betting qualified adjusted gross receipts, as well as an annual fee to cover the state’s regulatory expenses.
The three Detroit casinos would each be eligible for license renewals again in August 2024.
The three Detroit casinos reported $107.2 million in monthly aggregate revenue for the month of July 2023, the most recent month of reporting. A total of $106.7 million was generated from table games and slots, and $477,543 from retail sports betting.
- MGM: 47%
- MotorCity: 29%
- Hollywood Casino at Greektown: 24%
