In July, Detroit’s three casinos collectively generated $107.2 million in aggregate revenue, according to the Michigan Gaming Control Board. While table games and slots revenue experienced a decline of 8.4% compared to the previous year, retail sports betting saw a 3.8% growth. The performance of these casinos highlights the ongoing evolution of the gaming landscape in Detroit.
Table Games and Slots Revenue:
The combined revenue from table games and slots at MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown amounted to $105.9 million in July. Although this represents an 8.4% decrease from the same period in 2021, it marks a 7.9% increase from June 2022. Overall, table games and slots revenue for the first seven months of the year exhibited a positive trend, growing by 3% compared to the previous year.
Market Share and Individual Casino Performance:
Among the three casinos, MGM Grand Detroit accounted for the largest market share at 48%, followed by MotorCity Casino at 33% and Hollywood Casino at Greektown at 19%. When comparing revenue figures to July 2021, MGM Grand Detroit experienced a 4.7% decline to $51.2 million, MotorCity Casino saw a 9.6% decrease to $34.8 million, and Hollywood Casino at Greektown reported a 15% decrease to $19.9 million.
Wagering Taxes and Development Agreement Payments:
The three Detroit casinos contributed $8.6 million in wagering taxes to the state of Michigan in July, a decrease from the $9.4 million paid in the same month last year. Additionally, they submitted $12.6 million in wagering taxes and development agreement payments to the City of Detroit. These financial contributions play a vital role in supporting various initiatives and public services within the state and the city.
Retail Sports Betting:
Retail sports betting demonstrated positive growth in July, with qualified adjusted gross receipts (QAGR) amounting to $1.3 million, marking a 3.8% increase compared to July 2021. The three Detroit casinos reported a retail sports betting handle of $18.8 million, contributing to the overall QAGR. The state received $47,561 in retail sports betting taxes, while the city collected $58,130 in taxes and development agreement payments related to retail sports betting.
License Renewal:
The Michigan Gaming Control Board unanimously approved the one-year license renewal for MGM Grand, MotorCity Casino, and Hollywood Casino Greektown. This renewal reflects the casinos’ adherence to regulatory standards and their commitment to maintaining a safe and responsible gambling environment. The review and renewal process ensures that the casinos continue to operate as privileges granted by the state of Michigan.
Despite the decline in table games and slots revenue, the performance of Detroit’s three casinos in July demonstrates the resilience of the gaming industry in the city. The growth in retail sports betting further diversifies the revenue streams and highlights the evolving preferences of consumers. The license renewals affirm the casinos’ dedication to upholding regulatory standards and their ongoing contributions to the state and the city. As Detroit’s gaming sector continues to evolve, it remains a vital driver of economic growth, tourism, and entertainment in the region.