Michigan Gaming Control Board grants one-year license renewal to three Detroit casinos
The board unanimously approved all three applications.
The Michigan Gaming Control Board (MGCB) moved to approve one-year license renewals for three Detroit casinos during a recent public meeting. The motion was passed by a unanimous vote.
MGCB Executive Director Henry Williams stressed the importance of following approval regulations by the book. He said the board takes votes like this one seriously and is committed to following state laws.
He commented: “A casino license is a privilege granted by the State of Michigan. Board members and agency staff take seriously our responsibilities when reviewing this privilege each year, as required by law.”
According to Michigan law, three supporting votes are needed to approve applications for a casino license.
The casino license application process was put in place by the Michigan Gaming Control & Revenue Act. It also specifies what information applicants must share with the MGCB on the application.
In addition to specific application requirements, the act lays out recommended facts the MGCB should consider when determining if a casino is approved for a license. These factors include integrity, moral character, reputation, business probity, experience, financial ability and compulsive gambling programs that the casino has adopted and implemented.
Michigan law broadly prohibits any kind of gambling unless specifically authorized under state law, such as gambling machines operated within licensed casinos.
Venues approved for a license are taxed 18% on adjusted gross receipts and send in the wagering by electronic funds transfer daily. The funds are split between the state and the city of Detroit by 8.1% and 9.9% respectively.
Casinos must also pay an annual fee to cover state regulatory expenses, along with an 8.4% tax on retail sports betting qualified adjusted gross receipts.
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