In March, Detroit’s trio of casinos witnessed a noteworthy surge in revenue, according to the latest report from the Michigan Gaming Control Board.
Revenue Breakdown:
Total revenue for March stood at $123.86 million. Notably, table games and slot revenue contributed significantly, totaling $122.26 million. This marks a commendable 3.8% increase compared to the previous year.
Market Share Distribution:
MGM Grand Detroit Casino led the pack with a substantial 46% share. MotorCity Casino followed closely, capturing 31% of the market, while Hollywood Casino at Greektown held 23%. Despite MGM’s dominance, its revenue experienced a slight dip of 4.1% year-on-year, amounting to $56.65 million. In contrast, MotorCity Casino witnessed a notable 7.2% increase, reaching $38.35 million in gambling revenue. Hollywood Casino at Greektown, however, saw a marginal decline of 1.4%, settling at $27.26 million.
Tax Contributions:
The financial impact extends beyond the casinos themselves, as they contributed $9.9 million in gaming taxes to the State of Michigan, showcasing a modest uptick from the previous year’s $9.5 million. Additionally, the casinos disbursed $14.5 million in wagering taxes and development agreement payments to the City of Detroit, reflecting their significant role in local revenue generation.
Retail Sports Betting Performance:
Turning our attention to the burgeoning retail sports betting sector, the combined handle for the three Detroit casinos amounted to $17.25 million. Gross sports betting receipts stood at $1.61 million, indicating a promising trend in this segment. Qualified adjusted gross receipts (QAGR) experienced a notable uptick of 13.2% compared to the same period last year, underlining the growing popularity and profitability of sports betting offerings.
March proved to be a financially robust month for Detroit’s thriving casino industry, with steady growth observed in key revenue streams such as table games, slots, and sports betting. Despite varying performances among the three major players, the overall landscape remains optimistic, promising continued economic contributions to both the state and the city.