Detroit casinos report February revenue of $86.4m, down 29% y-o-y

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Detroit’s three commercials casinos reported February revenue of $86.4m for a year-on-year decline of 29%.

Revenue was nearly identical to January, when casinos earned $86.8m.

The properties operated in February under 25% capacity due to Covid-19 health order imposed by Michigan Gov. Gretchen Whitmer. Casino capacity was increased to 30% last week.

MGM Grand Detroit edged out Motorcity Casino for top place in February, bringing in $34.4m versus Motorcity’s $31.2m. MGM was up 1.4% from January but down 34.6% y-o-y. Motorcity revenue fell 22.9% y-o-y and dropped 5.8% from the month prior.

Greektown Casino placed a distant third with revenue of $20.8m, down 27.3% y-o-y but an improvement of 5.8% from January.

Retail sportsbooks were hit the hardest, as collective sports betting revenue was -$78,000. Most of those losses were incurred by Motorcity, which took a $183,000 loss despite state-leading handle of $11.2m. Motorcity’s handle was down 24.5% from the month prior.

MGM saw revenue of -$8,800 upon $6.7m of handle. Wagers fell 42.5% at MGM between January and February.

Greektown was the only casino to see positive net revenue last month as its sportsbook earned $115,000 on $5.8m of wagers. Handle fell 36.8% at Greektown from the month prior.

Michigan is expected to release February online sports betting and iGaming revenue in the next few weeks.

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