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Michigan Gaming Board Says MGM Grand Still Getting The Lion's Share Of Detroit Gaming Revenue

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Michigan Gaming Board Says MGM Grand Still Getting The Lion's Share Of Detroit Gaming Revenue

The Michigan Gaming Control Board released revenue data for the three Detroit casinos, and MGM Resorts International (NYSE: MGM)’s MGM Grand rolled over its competition to grab the No. 1 slot.

MGM Grand was the only Detroit casino to see its revenues rise month-over-month, up 0.3 percent while MotorCity and Greektown casinos each saw revenue fall by about 2 percent. Additionally, MGM Grand holds 33 percent more market share than MotorCity and 91 percent more than Greektown.

MGM Resorts saw its price target boosted to $30 per share by a Stifel Nicolaus analyst last week. The analyst reiterated the firm’s Buy rating.

MGM Resorts shares traded flat on Tuesday.

Posted-In: Detroit Greektown Greektown Casino MOtor City CasinoNews Econ #s

 

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