Detroit’s casinos bring in $107.2m for the second July in a row
The Michigan Gaming Control Board has reported results that are largely consistent year-on-year, except for a 62% drop in retail sports betting QAGR.
The Michigan Gaming Control Board (MGCB) has reported that Detroit’s three casinos brought in $107.2m in monthly aggregate revenue this July. This is an extremely consistent result when considering that last July, the state’s casinos also brought in $107.2m.
This July, Detroit’s MGM Grand held 47% of the market share, with MotorCity Casino Hotel holding 29% and Hollywood Casino at Greektown at 24%. These numbers are also similar year-on-year, with MGM only dropping 1%, MotorCity dropping 4% and Hollywood rising 5% in the market.
In June, the MGCB was granted $50.7m in state budget funds, which will become part of the FY2024 budget. Of that total, $3m will be allocated to the “Don’t Regret the Bet” campaign for responsible gambling.
July slot and table game revenue increased, both when compared to the previous month (by 4.8%) and when compared to July 2022 (by 0.7%). The slot and table game revenue also increased by 0.9% annually for the period of January 1 through July 31.
Detroit’s MGM Grand’s revenue was down slightly by 2.4% but still topped the list at $50m. Motorcity was down 10% to $31.4m and Hollywood’s revenue rose 27.5% to $25.3m. Taxes paid in July 2023 by the three casinos amounted to $8.65m, while the casinos paid $8.58m in July 2022.
Retail sports betting decreased overall in qualified adjusted gross revenue (QAGR) by 62% compared to July last year. Hollywood topped the list at $397,249 and the MGM Grand brought in $121,017, while MotorCity lost $40,723.
Total retail sports betting handle reached $7.96m, with gross receipts at $485,763.
Yesterday, the MGCB also unanimously voted to approve the one-year renewal of the licenses for all three authorized Detroit casinos.
MGCB Executive Director Henry Williams said, “Renewing a casino license reflects an ongoing commitment to operate a reputable and responsible establishment.
“The renewal of these licenses is validation of the casinos’ commitment to operating as responsible and valued corporate citizens within Michigan that contribute positively to the state’s gambling industry while ensuring a safe and enjoyable experience for all patrons.”
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
