Detroit’s three casinos report $114.1m in October revenue
MGM Grand Detroit comes out on top as Motown’s three casinos see revenues rise.
Michigan’s top gaming regulator has recorded $114.1m in revenue for October from Detroit’s three casinos: the MGM Grand Detroit, MotorCity Casino Hotel and Greektown Casino Hotel.
According to the Michigan Gaming Control Board (MGCB), MGM Resorts’ Detroit property performed best, claiming 47% of the market share for the month, while MotorCity took 33% for second place and Greektown came in third with 20%.
Table games generated the most money, raking in $111.5m to account for the majority of October’s revenue, with each casino also experiencing a year-on-year rise from this segment.
The MGM Grand and Greektown both reported double-digit increases of 39% and 11% respectively, with the former taking $52.7m while the latter brought in $21.9m. But MotorCity’s table games revenue only rose by 2%, increasing to $36.9m.
These revenue bumps prompted a modest tax hike, with the casinos’ total gaming taxes paid to the State climbing by 18.4% to $9m. The three properties also submitted $13.8m in wagering taxes and development agreement payments to the City of Detroit.
However, retail sports betting experienced a sharp drop, with qualified adjusted gross receipts (QAGR) declining by 65.2% from the prior year and by 23.6% from the prior month.
The MGM Grand led the way, reporting $1.4m in QAGR for October, more than MotorCity’s $671,009 and Greektown’s $588,847 combined. State taxes from the casinos’ retail sports betting amounted to $99,977, with a further $122,194 paid to the City of Detroit.
Included in the MGCB’s report was revenue from fantasy contests for September. Operators running fantasy sports contests made $1.6m in revenue for the month, paying $132,030 in taxes.
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