In June, Detroit’s three casinos exhibited a commendable financial performance, reporting a total revenue of $107.2 million, as disclosed by the Michigan Gaming Control Board. The breakdown reveals that table games and slots contributed significantly with $106.7 million, while retail sports betting added $477,543 to the overall figure.
Revenue Breakdown:
Table Games and Slots Triumph: The combined revenue from table games and slots saw a notable uptick of 4.8% compared to the previous month and a modest 0.7% increase from July 2022. MGM Grand Detroit Casino dominated the market share with an impressive 47%, followed by MotorCity Casino at 29%, and Hollywood Casino at Greektown securing 24%.
Individual Casino Performances: Hollywood Casino at Greektown emerged as the frontrunner, boasting a remarkable 27.5% year-on-year gain, accumulating $25.3 million in monthly gaming revenue. In contrast, MGM Grand Detroit experienced a marginal dip of 2.4%, reporting $50 million, while Motor City faced a more significant decline of 10%, settling at $31.4 million.
Tax Contributions:
The financial success of the casinos translated into positive contributions to the state and city coffers. The three establishments collectively paid $8.6 million in taxes to the State of Michigan, reflecting a marginal increase from the previous year’s $8.5 million. Additionally, the casinos honored their commitment to the City of Detroit by submitting $12.7 million in wagering taxes and development agreement payments.
Retail Sports Betting:
Overall Performance: The three Detroit casinos reported $7.9 million in retail sports bets for the month, generating total gross receipts of $485,763.
Comparative Analysis: While total gross receipts experienced a notable increase of $868,951 compared to the preceding month, it marked a substantial 62% decrease when measured against the same period last year.
Tax Contributions: The casinos fulfilled their tax obligations, contributing $19,590 to the state and $23,944 to the City of Detroit based on retail sports betting revenue.
Detroit’s casino landscape continues to demonstrate resilience and adaptability, with a collective revenue of $107.2 million in June. The thriving table games and slots segment, coupled with the evolving landscape of retail sports betting, contributes not only to the casinos’ prosperity but also to the economic well-being of the state and city. As the industry navigates challenges and opportunities, the data from June 2023 serves as a testament to the enduring allure of Detroit’s gaming scene.