In August, Detroit’s trio of casinos collectively generated $104.9 million in revenue, according to data from the Michigan Gaming Control Board. This revenue was primarily generated from table games and slots, contributing $104.6 million, while retail sports betting accounted for $322,186.
Revenue Trends:
Despite a minor 2% decrease in revenue from table games and slots compared to the previous month, it marked a 0.1% increase compared to August 2022. Among the three casinos, MGM Grand Detroit Casino held the largest market share at 47%, followed by MotorCity Casino at 30%, and Hollywood Casino at Greektown at 23%. Notably, Hollywood Casino at Greektown reported an impressive 11% year-on-year gain, generating $24.4 million in gaming revenue. Conversely, MGM’s revenue declined by 1.7% to $49.5 million, and Motor City experienced a 5% decrease, totaling $30.7 million.
Tax Contributions:
The three Detroit casinos contributed $8.47 million in taxes to the State of Michigan, a slight increase compared to the same month the previous year, which recorded $8.46 million. Additionally, they submitted $16.5 million in wagering taxes and development agreement payments to the City of Detroit.
Retail Sports Betting:
Retail sports betting at the Detroit casinos reported $10 million in bets, with total gross receipts of $327,291. However, retail sports betting qualified adjusted gross receipts (QAGR) saw an 80.6% decrease compared to August 2022 and a 32.5% drop from July 2023. The casinos paid $12,179 in gaming taxes to the state and $14,885 in wagering taxes to the City of Detroit based on retail sports betting revenue.
Year-to-Date Performance:
From January 1 through August 31, the casinos’ combined table games and slots revenue demonstrated resilience, showing a 0.8% increase compared to the same period in the previous year.
Detroit’s casino industry continued to make a substantial contribution to the state’s revenue, with August figures demonstrating a stable performance. While table games and slots revenue experienced minor fluctuations, the overall trend remained positive, underscoring the resilience of the city’s gaming sector. Additionally, the casinos’ commitment to tax payments and contributions to the local economy highlights their importance as a significant revenue source for both the State of Michigan and the City of Detroit.