Detroit’s casinos report $103.5m in revenue for January
Table games and slot revenue rose 4.4% annually and made up the vast majority of this total.
Detroit’s three casinos have reported $103.5m in monthly aggregate revenue for January, with table games and slots generating an overwhelming majority of this total – $103.4m. Retail sports betting made up the remaining $111,023.
Detroit’s January table game and slot results showed a 4.4% rise when compared to the same prior year period. However, revenue declined by 4.5% when compared to December 2022.
MGM Grand Detroit led the pack with a 48% market share, followed by MotorCity Casino Hotel which claimed 30% of market revenue. Hollywood Casino at Greektown came in third with 22%.
MGM Grand Detroit showed a 3.2% year-on-year increase in revenue to $50.2m, while Motor City Casino showed a 1.3% bump to $30.3m when compared to January 2022. Meanwhile, Hollywood Casino at Greektown reported $22.9m which was actually the largest annual gain for any of the three casinos, with a double-digit rise of 11.9%.
During January, the three Detroit casinos paid $8.4m in taxes to the State of Michigan compared with $8m for the same month last year. The casinos reported a submission of $16.3 million in wagering taxes and development agreement payments to the City of Detroit last month.
The least profitable sector for the land-based venues – retail sports betting – fell by £1.8m in qualified adjusted gross receipts (QAGR). This was a dramatic 94.3% nosedive from its January 2022 results, with MGM Detroit and Hollywood Casino at Greektown both losing money in this sector.
Total gross receipts for retail sports betting was a paltry $149,379 with Michigan collecting only $8,940 in taxes, compared to the $73,070 it gained in January 2022.
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
