Detroit casinos take in $94.7m in revenue for February
Though casino revenue was up last month, Michigan sports betting posted a loss.
The Michigan Gaming Control Board (MGCB) has released February’s results for both state sports betting and revenue generated from Detroit’s three casinos.
The city’s casinos generated $94.7m last month, with MGM Grand Detroit leading the way. MGM Grand Detroit had 49% of the market share, while MotorCity Casino Hotel and Greektown Casino had 30% and 21% respectively.
MGM Grand Detroit also reported a 34.4% bump in monthly revenue during February compared to this time last year. Revenue from MotorCity fell by 7.3%, and revenue at Greektown fell by 2.1%.
Slots and tables raked in $95.6m in revenue, reflecting a 10.6% increase from February 2021. Monthly revenue showed a 3.4% decrease from January, according to the MGCB.
The casinos paid a total of $7.7m in state gaming taxes last month, a slight increase from taxes paid out during this time last year. They also paid $11.4m in wagering taxes and development agreement payments to the city.
While casino revenue rose in February, sports betting showed a decline during the month. The three casinos collectively posted a $872,552 loss after taking in a total of $25.3m in wagers.
During February, qualified adjusted gross receipts tied to gambling fell by $794,925 compared to what had been reported this time last year, and they dropped by $2.8m compared to January’s figures.
A breakdown by casino showed that MGM booked a $175,082 loss, while MotorCity and Greektown booked loss of $400,347 and $297,123 respectively.
No city or state taxes were collected last month from retail sports betting due to the reported losses.
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