In November, the aggregate revenue from the three Detroit casinos amounted to $101.8 million, marking a slight decrease of 0.8 percent from the previous month. The combined earnings were primarily attributed to table games and slots, which accounted for $99.9 million. Retail sports betting contributed $1.9 million to the overall revenue figure.
Casino Performance:
Breaking down the market share, MGM Grand Detroit Casino led the pack with a commanding 47 percent share, followed by MotorCity Casino at 30 percent, and Hollywood Casino at Greektown with 23 percent. Year-on-year, revenue from table games and slots experienced a decline of 3.8 percent, while a more modest 0.8 percent decrease was observed compared to October 2022. In terms of specific casino performance, Hollywood Casino at Greektown reported $23.2 million in monthly gaming revenue, followed by MGM Grand Detroit Casino at $46.7 million (a 3.3 percent decrease), and MotorCity Casino at $30 million (a 9.1 percent decrease).
Tax Contributions:
The three casinos collectively paid $8.1 million in gaming taxes to the state of Michigan, showing a slight decrease from the $8.4 million paid in 2021. Additionally, they contributed $12.4 million in wagering taxes and development agreement payments to the city of Detroit.
Retail Sports Betting:
Retail sports betting demonstrated a significant decrease, with a 57 percent drop in qualified adjusted gross receipts (QAGR) compared to November 2021, and an 11.1 percent decrease from October. Gross receipts from retail sports betting amounted to $1.9 million, while the handle – the total amount wagered – reached $18.1 million. State taxes generated from sports betting were $70,422, a notable decline from the $163,625 reported in November 2021. Furthermore, wagering taxes and development agreement payments to the City of Detroit totaled $86,071.
Launch of Sports & Social DraftKings Venue:
In an exciting development, DraftKings and Live! Hospitality and Entertainment unveiled their inaugural Sports & Social DraftKings venue in Metro Detroit, Michigan. Situated at the popular Somerset Collection shopping destination, the venue offers an array of entertainment options. Patrons can enjoy a bar and restaurant, watch sports events, and even place bets using the DraftKings app on their mobile devices. The venue boasts impressive features, including a 32-foot LED media wall and multiple flat-screen televisions, enhancing the overall sports-watching experience.
November’s casino revenue report highlights the performance of Detroit’s three casinos, revealing shifts in revenue streams and market shares. Additionally, the introduction of the Sports & Social DraftKings venue adds a new dimension to the city’s entertainment landscape, providing a dynamic space for sports enthusiasts to immerse themselves in their favorite games while enjoying modern amenities. As the casino and entertainment industry in Detroit continues to evolve, these developments contribute to the diverse offerings available to both residents and visitors alike.