In the dynamic landscape of Detroit’s gaming scene, the three casinos reported a combined monthly revenue of $101.5 million for June, as disclosed by the Michigan Gaming Control Board. While table games and slots experienced an 8.8% increase in revenue compared to June 2022, retail sports betting faced challenges, resulting in a negative yield. Notably, MotorCity Casino encountered a substantial loss due to a customer winning $972,000 on June 18.
Overall Revenue Breakdown:
The collective monthly revenue for Detroit’s three casinos reached $101.5 million in June. Of this, table games and slots contributed $101.9 million, showcasing a steady performance. However, retail sports betting faced challenges, yielding a negative $395,606, largely influenced by a significant customer win at MotorCity Casino.
Table Games and Slots Performance:
Table games and slot revenue demonstrated resilience, marking an 8.8% increase compared to June 2022. Despite this positive trend, there was a slight decline of 2.7% from May 2023. MGM Grand Detroit Casino held the lion’s share at 46%, followed by MotorCity Casino with 32% and Hollywood Casino at Greektown with 22%.
Individual Casino Performances:
Hollywood Casino at Greektown experienced a robust 36.8% gain year-on-year, contributing $22.4 million to the monthly gaming revenue. However, MGM Grand Detroit Casino reported a 2.7% revenue decline at $47 million, and MotorCity Casino witnessed a 3% decrease with revenues totaling $32.5 million.
Tax Contributions and Development Agreement Payments:
The three Detroit casinos collectively paid $8.3 million in taxes to the State of Michigan, reflecting a slight increase from $8 million during the same period last year. Additionally, they reported submitting $12.1 million in wagering taxes and development agreement payments to the City of Detroit.
Challenges in Retail Sports Betting:
Retail sports betting faced challenges, with total gross receipts yielding a negative $378,641. Retail sports betting’s Qualified Adjusted Gross Receipts (QAGR) were down by $1.3 million compared to May 2023 and $844,308 compared to June of the previous year.
Tax Contributions from Sports Betting:
Despite the challenges in retail sports betting, the casinos paid $11,832 in taxes to the state and $14,462 in taxes to the City of Detroit based on retail sports betting revenue. The fluctuations in this segment highlight the evolving nature of the sports betting market.
The monthly report reflects the multifaceted nature of Detroit’s casino industry, with resilient performances in traditional gaming avenues while facing challenges in the sports betting sector. Despite fluctuations, the casinos continue to be significant contributors to the state and city economies, navigating the ever-changing landscape with adaptability and strategic resilience.