The three casinos in Detroit, Michigan, have reported $105.6 million in monthly aggregate revenue during May, a slight 2.9% decrease on a yearly basis, according to the latest report from the Michigan Gaming Control Board. Table games and slots generated $104.7 million in revenue while retail sports betting produced revenue of $893,732.
MGM Grand Detroit led April with a market share of 47%. The property was followed by MotorCity Casino Hotel, at a 31% market share, while Hollywood Casino at Greektown placed third with a 22% share of the market.
Table games and slots revenue down
Revenue for table games and slots was down by 1.4% when compared to the results in the same month last year. Additionally, May’s revenue also dropped on a monthly basis by 4.5% when paired against revenue in April this year.
MGM Grand Detroit
Monthly gaming revenue results per venue were mixed when compared with May 2022. Hollywood Casino at Greektown was the only casino to post an increase, with revenue up by 7.4% to $23.2 million. MGM and MotorCity were down by 14% and 7.1%, reporting $49.3 million and $32.1 million, respectively.
During the period, the three casinos paid $8.5 million in taxes to the State of Michigan, also down when compared with $8.6 million for the same month last year. Additionally, the gaming properties reported submitting $12.5 million in wagering taxes and development agreement payments to the City of Detroit during the last month.
MotorCity Casino
Retail sports betting QAGR down
The Detroit casinos reported $16.9 million in total retail sports betting handle, and total gross receipts were $921,268. Retail sports betting qualified adjusted gross receipts (QAGR) were up by $773,382 compared to April 2023. May QAGR fell by 62.6% compared to the same month last year.
May QAGR by casino was $470,510 for MGM Grand Detroit; $395,677 for MotorCity, and $27,545 for Hollywood Casino at Greektown. Combined sports betting revenue for the three properties was $893,732, down from $2.4 million in April 2022.
Lastly, the Board announced that fantasy contest operators reported total adjusted revenues of $2.1 million and paid taxes of $175,204 during May. From January 1 through April 30, fantasy operators reported $8.9 million in aggregate fantasy contest-adjusted revenues and paid $747,830 in taxes
Original article: https://www.yogonet.com/international/news/2023/06/14/67527-detroit-casinos-see-slight-29-decrease-in-gambling-revenue-to-1056m-in-may
