In the vibrant world of Detroit’s casino scene, February proved to be a lucrative month for the city’s three gaming establishments. The Michigan Gaming Control Board has revealed that these casinos collectively raked in $105.5 million in monthly aggregate revenue. This figure encompasses revenue from table games, slots, and retail sports betting, with each segment making its unique contribution to the city’s gaming landscape.
Segment-Wise Revenue Breakdown:
Table Games and Slots: The heart of the casino experience, table games, and slots, generated a significant portion of this revenue, amounting to $105 million.
Retail Sports Betting: Retail sports betting also played its part, contributing $458,752 to the monthly revenue.
Market Share Distribution:
The distribution of the market share among Detroit’s three casinos is as follows:
MGM Grand Detroit Casino: MGM Grand took the lion’s share, accounting for 47% of the market.
MotorCity Casino: MotorCity Casino claimed 30% of the market.
Hollywood Casino at Greektown: Hollywood Casino contributed 23% to the overall market share.
Positive Year-on-Year and Month-on-Month Growth:
When comparing the revenue generated from table games and slots in February 2023 with February 2022, an encouraging 9.8% increase is evident. Furthermore, there was a 1.6% rise in revenue from January 2023, indicating continued growth.
Comparative Revenue Figures:
MGM Grand Detroit Casino: The casino reported a gaming revenue increase of 8.2% compared to February 2022, reaching $50.1 million.
MotorCity Casino: MotorCity Casino, too, experienced positive growth, with a revenue increase of 7.9% to $31.2 million in February.
Hollywood Casino at Greektown: Hollywood Casino excelled with a significant 16.3% growth in monthly revenue, reaching $23.7 million.
Two-Month Performance: When considering the combined revenue from table games and slots for January and February, there is a notable 7.1% increase when compared to the same period in 2022.
Contributions to State and City Finances:
In February, the three Detroit casinos collectively paid $8.5 million in gaming taxes to the State of Michigan. This reflects a rise from the $7.7 million paid in February 2022. Additionally, they contributed $12.5 million in wagering taxes and development agreement payments to the City of Detroit during the same month.
Retail Sports Betting Boost:
Retail sports betting saw a significant boost, with qualified adjusted gross receipts (QAGR) increasing by $1.3 million in comparison to February 2022, where properties reported combined QAGR losses of $872,552. Furthermore, QAGR rose by $347,729 when compared to January, with total gross receipts reaching $475,913 from a handle of $12.2 million.
State and City Tax Collection:
The state collected $17,341 in taxes from the Detroit casinos, compared to zero in February 2022 when casinos reported negative QAGR. The casinos also submitted $21,194 in wagering taxes to the City of Detroit in January.
Detroit’s casinos showcased robust financial performance in February, demonstrating growth in various segments, including table games, slots, and retail sports betting. These positive figures not only bode well for the casinos but also contribute significantly to the state and city’s finances, solidifying the gaming industry’s role as an economic driver in the region.