The three Detroit casinos reported $109.4 million in aggregate revenue for April 2024, reflecting an 11.8% decrease from March, despite the city hosting a record number of NFL Draft attendees during the month.
The Michigan Gaming Control Board announced that $107.9 million was generated from table games and slots, while retail sports betting contributed $1.6 million. The monthly market shares were distributed as follows: MGM held 46%, MotorCity 30%, and Hollywood Casino at Greektown 24%.
Revenue from table games and slots showed a 1.6% decline compared to April 2023. From January through April 2024, revenue decreased by 1.6% compared to the same period in 2023. Specifically, MGM saw a revenue decline of 0.7% to $49.9 million, MotorCity’s revenue dropped 4.5% to $32.7 million, while Hollywood Casino at Greektown experienced a slight increase of 0.6% to $25.3 million.
The casinos paid $8.7 million in gaming taxes to the State of Michigan, down from $8.9 million in April 2023. Additionally, they reported $12.8 million in wagering taxes and development agreement payments to the City of Detroit.
The total retail sports betting handle for April was $15.3 million, with gross receipts amounting to $1.6 million. The qualified adjusted gross receipts (QAGR) for retail sports betting rose by $1.5 million compared to April 2023 but decreased by 1.7% from March 2024.
MGM reported a QAGR of $475,492, MotorCity $516,812, and Hollywood Casino at Greektown $578,131. The casinos paid $59,362 in gaming taxes to the state and $72,554 in wagering taxes to the City of Detroit from their retail sports betting revenue.
Despite hosting 775,000 fans for the NFL Draft, Detroit casinos saw a revenue decline in April, contrasting the substantial earnings of $122.3 million in March, which was the highest since December 2019.
This marks the first month-over-month revenue decrease for Detroit casinos in 2024. Monthly revenue figures for 2024 thus far are: January: $93.9 million, February: $104.8 million, March: $122.3 million, and April: $107.9 million.
All three casinos reported revenue drops from March to April. Hollywood Casino at Greektown showed the smallest decline, bolstered by the successful opening of its ESPN BET retail sportsbook, which hosted several prominent ESPN personalities and programs. The casino was down 7.3% to $25.3 million in April.
Meanwhile, MGM Grand Detroit posted $49.9 million in April, down 12% month-over-month; while MotorCity Casino saw $32.7 million in revenue, down 14.6% from March’s figure.
Original article: https://www.yogonet.com/international/noticias/2024/05/15/72191-detroit-casino-revenue-dips-118-in-april-despite-nfl-draft-boost
