The October Revenue reports are in for the Detroit Casinos and (not surprisingly) it wasn't a good month. The market share is shifting around a bit, with MGM losing out to MCC and GTC up slightly. The remarking thing to me is the revenue taxes paid out. Both MCC and GTC paid out approximately $3M in tax while MCC had $13M more in revenue. That my friend is the benefit of the permanent hotel. No wonder the Detroit Casinos aren't worried about filling the rooms, the are getting $1M-$2M a month just for having the rooms there, whether they are filled or not. I'm interested in the insight and comments from others, please feel free to post comments below.
Also interesting to note is the trending in Market Share. While GTC was up slightly versus Oct 2007, when you analyze the monthly trending, they are clearly (not surprising) losing their traction in the Market. This may be the ultimate 'clarification of the obvious', while MCC is holding steady, MGM is the improving their foothold in the market. We'll see if GTC can turn things around with the opening of their hotel in early 2009.
Source: MGCB Website
Also interesting to note is the trending in Market Share. While GTC was up slightly versus Oct 2007, when you analyze the monthly trending, they are clearly (not surprising) losing their traction in the Market. This may be the ultimate 'clarification of the obvious', while MCC is holding steady, MGM is the improving their foothold in the market. We'll see if GTC can turn things around with the opening of their hotel in early 2009.
Source: MGCB Website
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