Slots and table games fuel impressive Detroit casino growth
Revenue has grown 116.1% year-on-year as casinos recover from the Covid-19 pandemic.
The Michigan Gaming Control board has revealed November’s financial results for the city of Detroit’s three casinos. Table games and slots provided the impetus for growth as the city’s gaming industry bounced back from last year’s hardships.
Slot and table game revenue for November grew 116.1% when compared to November 2020, although it is important to note that casinos were closed during this time. Indeed, this marks a slight month-on-month decrease for the region, falling from $114.1m in monthly aggregated revenue in October to $108.2m in November, a 6.8% decrease.
Of the city’s three casino operators, MGM International, with its 46% market share, recorded the highest earnings in $48.3m, a 136% year-on-year increase. Following on from this, with a market share of 32%, comes MotorCity with $33m, an 88.9% yearly increase. Coming in last was Detroit’s Greektown casino, earning revenue of $22.53m while simultaneously holding 22% of the market.
Moreover, table games and slot machine revenue rose 93.1% year-on-year. The month of November saw the three casinos pay $8.4m in gaming taxes to the state of Michigan, while submitting $13m in taxes to the city of Detroit in wagering taxes and development agreement payments.
In terms of sports betting, the casinos reported total gross receipts of approximately $4.6m and a total handle of almost $26.7m for November. Specifically, MGM International raised $8.1m in gross receipts while MotorCity and Greektown earned $1.47m and $1.82m respectively.
Finally, fantasy sports contest operators reported total adjusted revenues of $1.75m and paid $147,693 in taxes.
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