Detroit Regains $40.5M In Tax Revenue With 'Hold Harmless' Payment
The Michigan Gaming Control Board made a $40.5 million payment to Detroit for a wagering tax revenue drop during the 2021 fiscal year. The payment was required under Michigan's Lawful Internet Gaming Act.
Detroit's three casinos lost $73.8 million in 2020 revenue. The state's internet gaming fund was able to fund the payment. Michigan online casinos and online poker sites have raised $139.0 million since launching this past January 22.
The MGCB made a payment to Detroit earlier this month. Michigan set a record for internet gaming revenue in September with $102.4 million. That total resulted in a state tax bill of $18.9 million, which would have gone to the state's school aid fund.
Detroit Regains $40.5M In Tax Revenue With 'Hold Harmless' Payment. The provision took effect because of the casinos’ closings and reduced capacity due to COVID-19 health concerns.