Detroit’s three casinos reported $94.7 million aggregate revenue in February, the Michigan Gaming Control Board announced on Thursday. Table games and slots generated $95.6 million in revenue, while retail sports betting results showed an $872,552 loss.
Breaking down data by market shares found MGM Grand Detroit placing first with 49%, MotorCity Casino Hotel second with 30%, and Greektown Casino Hotel third, with a 21% share. MGM saw gaming revenue up 34.4% to $46.3 million versus February 2021; while MotorCity was down 7.3% to $28.9 million. Meanwhile, Greektown was down 2.1% to $20.4 million.
The casinos reported a 10.6% revenue increase for table games and slots during the month when compared to results for February 2021, while monthly revenue fell 3.4% compared with January. Combined January and February table games and slots revenue rose 12.3% versus the same two-month period last year.
The three Detroit casinos paid $7.7 million in gaming taxes to the State of Michigan during February, slightly up from the $7 million paid the same period last year. The venues reported submitting $11.4 million in wagering taxes and development agreement payments to the City of Detroit during February.
In terms of retail sports betting, qualified adjusted gross receipts (QAGR) were down $794,925 during February compared with the same month last year. Additionally, monthly QAGR was also down $2.8 million when compared with January results.
All three casinos posted losses for QAGR results the past month. While total handle from the venues was $25.4 million, MGM reported qualified adjusted gross receipts down to a $175,082 loss, while MotorCity posted a $400,347 loss. Greektown announced a $297,123 QAGR loss.
FanDuel Sportsbook at MotorCity Casino Hotel.
Because of the negative results, neither the State of Michigan nor the City of Detroit collected taxes from retail sports betting during last month, the Gaming Control Board said. In terms of year to date through February 28, aggregate retail sports betting QAGR results are: MGM, $306,703; MotorCity, $121,146; and Greektown, $632,672.
Lastly, the Michigan Gaming Control Board provided an update on fantasy contests for January. Operators within this vertical reported total adjusted revenues of $1.7 million, and paid taxes of $143,984, for the first month of the year.
Data for online gaming and mobile sports betting in the state is set to be released separately. In January, Michigan sportsbooks took a record-breaking $532.7 million in wagers, driven by online betting. The growing popularity of mobile sports gaming could explain the decreasing figures posted by retail sportsbooks.
Original article: https://www.yogonet.com/international/news/2022/03/11/61759-detroit-39s-three-casinos-report-revenue-up-to–947m-in-february-despite-retail-sports-betting-loss
