Detroit’s trio of casinos has revealed their monthly aggregated revenue for March, totaling $119.2 million. While this figure represents a modest 2.9% year-on-year decrease, it underscores the resilient performance of Detroit’s gaming industry. The Michigan Gaming Control Board’s report provides insights into the contributions from table games, slots, and retail sports betting at these establishments.
Gaming Revenue Breakdown:
Of the $119.2 million in revenue, table games and slots accounted for the lion’s share, generating $117.8 million. Retail sports betting contributed $1.4 million to the overall figure.
Market Share Distribution:
Among Detroit’s three casinos, MGM Grand Detroit Casino held the largest market share at 46%. MotorCity Casino followed with 30%, and Hollywood Casino at Greektown with 24%.
Monthly Performance:
While monthly revenue from table games and slots fell by 2.6% compared to March 2022, it marked a healthy 12.2% increase over February, where revenue stood at $105 million.
Individual Casino Performance:
Hollywood Casino at Greektown reported a notable 7.5% gain in monthly gaming revenue, reaching $27.6 million. In contrast, MGM’s monthly revenue declined by 2.7% to $54.4 million, and Motor City saw a 9% dip, settling at $35.8 million.
Tax Contributions:
In March, the three casinos contributed $9.5 million in gaming taxes to the State of Michigan, slightly lower than the $9.8 million reported during the same period the previous year. The City of Detroit received $14 million in wagering taxes and development agreement payments from the casinos.
Retail Sports Betting:
Retail sports betting reported qualified adjusted gross receipts (QAGR) of $1.4 million for March, reflecting a 26.8% decrease from March 2022. However, it recorded a substantial month-on-month increase of $952,724 compared to February, with total gross receipts of $1.4 million.
Total Handle:
The casinos reported a total handle of $13.9 million for March, down from $26.3 million in March 2022. The state received $53,354 in retail sports betting taxes, while the City of Detroit received $65,210.
Q3 Financial Snapshot:
For the first quarter of 2023, the casinos collectively generated $326.2 million in aggregated revenue, marking a notable 3.4% increase compared to the same period in 2022. The quarter also saw contributions from retail sports betting, with the following QAGR figures by property: MGM ($228,163), MotorCity ($739,658), and Hollywood Casino at Greektown ($1,013,431).
Despite minor year-on-year fluctuations, Detroit’s casinos have demonstrated resilience and stability in their revenue figures. The rise in quarterly revenue indicates a promising outlook for the city’s gaming industry, bolstered by a diverse range of offerings, from table games and slots to retail sports betting.