Detroit casino revenue reaches $326.2m in Q1
While the MGCB reports a slight revenue decrease from March 2022 to March 2023, the first quarter results show progress.
The Michigan Gaming Control Board (MGCB) has released its figures for March, and the Wolverine State has seen a slight increase from overall Q1 aggregate revenue last year. The three casinos in Detroit reported $326.2m for the first quarter of 2023, up 3.4% from 2022.
March monthly aggregate gaming revenue reached $119.2m; however, this is a decrease from $122.8m in March of 2022. March 2023 table game and slot revenue dropped 2.6% year-over-year to $117.8m, but it was a 12.2% increase on February 2023’s revenue.
Hollywood Casino was the only one of the three with increased March revenue year-over-year, rising 7.5% to $27.6m. MGM Grand dropped by 2.7% to $54.4m and Motor City decreased by 9% to $35.8m.
For the quarter, MGM Grand brought in the highest revenue of $154.7m, while Hollywood Casino experienced the biggest revenue increase of 11.5%. Motor City experienced a decline from Q1 last year.
For March, the three casinos in Detroit reported paying $14m in wagering taxes and development agreement payments to the city and $9.5m in gaming taxes to the State of Michigan. Michigan also received $26.4m in total in gaming taxes during the first quarter.
MGM Grand Detroit brought in 46% of March’s revenue, while Motor City Casino made 30% and Hollywood Casino Greektown sat at 24%. Retail sports betting qualified adjusted gross receipts (QAGR) for March suffered a march sharper decrease of 26.8% compared to 2022. The casinos reported a total handle of $13.9m, while March 2022 reached $23.6m.
Though Michigan State made it to the Sweet 16 teams in March Madness, its bettors were not as keen as its basketball players.
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
