In the current month, the total revenue of these three casinos is $109.7 million, with $109.6 million coming from table games and slot machines, and retail sports betting generating revenue of $120,350.
The market shares of the three casinos are as follows: MGM 46%, MotorCity 30%, Hollywood Casino at Greektown 24%.
Compared to April 2022, the revenue from table games and slot machines in April 2023 decreased by 6.2%, and the monthly revenue decreased by 6.9% compared to March. As of April 30th, the revenue from table games and slot machines at the casinos increased by 0.8% compared to the first four months of 2022.
Compared to April 2022, the three casinos showed different results in monthly gambling revenue in April 2023. Hollywood Casino at Greektown’s revenue increased by 6.3%, while MGM’s revenue decreased by 11.5% and MotorCity’s revenue decreased by 6.1%.
In April, the three casinos in Detroit paid $8.9 million in taxes to the state of Michigan, lower than the $9.5 million in the same month last year. Additionally, these three casinos reported that they made $13 million in gaming tax and development agreement payments to the city of Detroit in April.
During this period, the three casinos received a total of $15.305885 million in wagers, but their total revenue was negative at $14.489 million. This may be due to the casinos’ expenses and payouts exceeding the amount of bets placed and winnings generated.
Furthermore, due to a customer successfully placing consecutive winning bets and winning $2.6 million at MotorCity Casino, the Qualified Adjusted Gross Revenue (QAGR) for retail sports betting in April 2023 decreased by 93.6% compared to the same period last year. Compared to March, the QAGR in April decreased by 91.5%. This indicates that the customer’s big win had an impact on the overall revenue of retail sports betting.
The QAGR for each casino in April was as follows:
MGM: $432,195
MotorCity: Negative ($1.7 million)
Hollywood Casino at Greektown: $1.4 million
It can be observed that MotorCity Casino had a negative QAGR in April, indicating that the losses in retail sports betting at that casino exceeded the revenue. The other two casinos had positive QAGR in April.
In March, the reported adjusted total revenue by the Fantasy Contest Operator was $2.1 million, and the taxes paid were $17,700.
As of March 31st, the cumulative adjusted revenue reported by the Fantasy Contest Operator was $6.8 million, with taxes paid of $57,200.
“The Michigan Gaming Control Board should ensure fair and honest gaming practices to protect the interests of Michigan citizens.” The board is responsible for regulating the state’s gambling industry, including fantasy contests, and ensuring the operations and taxation of these games comply with legal requirements that protect participants’ rights.
Key Points:
MGM, also known as “MGM Resorts International,” is a globally recognized entertainment company that owns multiple hotels, resorts, and casinos. Headquartered in Las Vegas, Nevada, it is one of the renowned casinos in Las Vegas.
MotorCity is located in Detroit, Michigan, and it is a comprehensive entertainment venue that combines a casino, hotel, restaurants, and music performance spaces. The venue is themed around automotive culture and aims to provide visitors with a unique entertainment experience.
Hollywood Casino is located in Toledo, Ohio, and it is a casino and racetrack. The facility offers various gambling games as well as events like weekend racing and music performances.