In September, Detroit’s three casinos experienced a 7% year-on-year decrease in revenue, totaling $103.4 million, according to the Michigan Gaming Control Board (MGCB). MGM Grand Detroit claimed the largest market share at 48%, followed by MotorCity Casino Hotel with 31%, and Hollywood Casino at Greektown with 21%. The revenue was generated from table games, slots, and retail sports betting. Despite the decline, the casinos remain key contributors to the state’s economy, paying millions in gaming taxes and development agreement payments.
Decline in Casino Revenue:
Detroit’s three casinos, namely MGM Grand Detroit, MotorCity Casino Hotel, and Hollywood Casino at Greektown, collectively recorded $100.8 million from table games and slots and an additional $2.6 million from retail sports betting in September. The 7% decline in revenue compared to the previous year reflects the challenges the gaming industry faced during this period.
Market Share Distribution:
MGM Grand Detroit maintained its leadership in the market with a 48% share, followed by MotorCity Casino Hotel at 31%, and Hollywood Casino at Greektown with 21%. The distribution of market share demonstrates the competitive landscape among Detroit’s casinos.
Impact on Tax Revenue:
As a major source of revenue for the state, the casinos paid $8.2 million in gaming taxes in September, contributing to various public services and initiatives. While this amount slightly decreased from the same period in 2021, the casinos’ financial contributions remain significant.
Sports & Social DraftKings Venue Launch:
DraftKings and Live! Hospitality and Entertainment have exciting plans for Metro Detroit, Michigan. They announced the opening of the first Sports & Social DraftKings venue at Somerset Collection, a popular shopping destination. The venue will offer a unique experience, combining a bar and restaurant with sports viewing and wagering. Guests can use the DraftKings app to engage in fantasy sports and place bets on various sports while enjoying live action on a 32-foot LED media wall and multiple flat-screen televisions.
The Promise of the Sports & Social DraftKings Venue:
The new Sports & Social DraftKings venue aims to enhance the sports and gaming experience for enthusiasts in Metro Detroit. The integration of sports viewing, wagering, and fantasy sports betting via the DraftKings app promises an interactive and immersive atmosphere.
Despite the 7% decline in revenue, Detroit’s three casinos remain pivotal players in the state’s gaming industry. The casinos continue to contribute significant gaming taxes and development agreement payments, supporting various public services. Additionally, the upcoming launch of the Sports & Social DraftKings venue in Metro Detroit presents an exciting opportunity for sports enthusiasts to enjoy a dynamic blend of sports entertainment and interactive betting experiences. As the gaming landscape evolves, Detroit’s casinos and innovative ventures like the Sports & Social DraftKings venue are poised to play a crucial role in shaping the future of the industry.