The Michigan Gaming Control Board released the financial results for the state’s casinos in the third quarter. The three Detroit casinos reported a 7% decline to $311.1 million in aggregate revenue for Q3 when compared with the same period last year.
Quarterly gaming revenue by property fell across the board compared with the third quarter of 2021. MGM was down 2.9% to $150 million, while MotorCity was down 11.7% to $98.5 million, and Hollywood Casino at Greektown was down 8.8% to $62.8 million.
As for monthly figures, the three Detroit casinos reported $103.4 million in monthly aggregate revenue in September. Table games and slots generated $100.8 million in revenue while retail sports betting produced $2.6 million in revenue. September market shares were: MGM, 48%; MotorCity, 31%; and Hollywood Casino at Greektown, 21%.
The casinos’ table games and slots revenue fell 5.7% compared with September 2021 results. Revenue also was down 3.5% from August results. During September, the three Detroit casinos paid $8.2 million in gaming taxes to the State of Michigan compared with $8.7 million for the same period last year.
Retail sports betting qualified adjusted gross receipts (QAGR) declined 24.9% during September compared with September 2021 results of $3.5 million. However, QAGR was up 56.3% when compared with August’s QAGR of $1.7 million.
The three Detroit casinos paid $25.2 million in gaming taxes to the state during the third quarter compared with $27.1 million received during the same period last year, the Board noted.
Despite the quarterly drops, year-to-date through Sept. 30, table games and slots revenue increased a fractional 0.8% from results for the same nine-month period last year. Year-to-date through Sept. 30, aggregate retail sports betting qualified adjusted gross receipts were: MGM, $4 million; MotorCity, $3.6 million; and Hollywood Casino at Greektown, $5.7 million.
Original article: https://www.yogonet.com/international/news/2022/10/13/64619-detroit-casinos-see-gambling-revenue-decrease-by-7–to–311m-in-third-quarter
