Detroit Still Earning For MGM Resorts International (MGM)
The Michigan Gaming Control Board has released August revenue figures showing MGM Resorts International (MGM: 10.40 -4.67%) is once again the highest revenue earner in Detroit, however has fallen since July.
In all, Detroit’s three casinos earned $113 million during the month of August outperforming in year-over-year earnings, but falling below July’s figure of $118.8 million.
Contributing largely to that number, MGM Grand Detroit posted $48 million in gaming revenue during the month of August.
While the numbers reflect a 9% increase in revenue for the MGM Grand Detroit from the $44 million posted in August 2009, they show a 4.7% decrease from the $50.4 million in revenue brought in last month.
Also during the month of August, Lorenzo Creighton resigned from his position as President and Chief Operating Officer of MGM Grand Detroit. A replacement has not yet been appointed.
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