The Michigan Gaming Control Board announced Monday that the three casinos located in Detroit reported $102.8 million in monthly aggregate revenue in October. Table games and slots generated $100.7 million in revenue, while retail sports betting amounted to $2.1 million.
The total aggregate revenue declined nearly 10% compared with $114.1 million in monthly revenue reported during October last year. Market shares during October were: MGM, 46%; MotorCity with 32%, and Hollywood Casino at Greektown with 22%.
Table games and slots revenue declined 9.6% when compared with October 2021 results. Revenue also fell a fractional 0.1% compared with September results. The three casinos’ gaming revenue for table games and slots year-to-date declined 0.3% in a year-over-year comparison.
Hollywood Casino at Greektown saw an increase of 0.3% in monthly gaming revenue to $21.9 million compared to 2021. Monthly gaming revenue fell both for MGM, down 11.9% to $46.4 million, and MotorCity Casino, down 12.3% to $32.4 million.
During October, the three Detroit casinos paid $8.2 million in gaming taxes to the state. Last year, their contributions reached $9 million. The three Detroit properties reported submitting $12.4 million in wagering taxes and development agreement payments to the City of Detroit during October.
Retail sports betting monthly qualified adjusted gross receipts (QAGR) fell 20.8% compared to October 2021 results, and declined 19.4% from September receipts. Total gross receipts were $2.1 million, and the total handle was $23,543,464.
October QAGR totals by property were: MGM, $711,959; MotorCity, $680,649; and Hollywood Casino at Greektown, $702,147.
State taxes from the Detroit casinos were $79,182 compared with the $99,977 paid last year. The three Detroit casinos reported submitting $96,778 in wagering taxes and development agreement payments to the City of Detroit during October.
Aggregate retail sports betting qualified adjusted gross receipts year-to-date through October 31 were: MGM, $4.7 million; MotorCity, $4.3 million, and Greektown with $6.4 million.
When it comes to fantasy contests, operators reported total adjusted revenues of $1.5 million and paid taxes of $126,719 in September. Fantasy contest operators reported $11.2 million in aggregate fantasy contest adjusted revenues and paid $944,224 in taxes during the first nine months of the year.
Back in September, 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%
Original article: https://www.yogonet.com/international/news/2022/11/15/65035-detroit-casinos-continue-declining-trend-in-october-with–103m-in-aggregate-revenue
