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.
