The three Detroit casinos reported $113.2 million in monthly aggregate revenue (AGR) for May 2024. As reported by the Michigan Gaming Control Board, $111.3 million was generated from table games and slots, while retail sports betting contributed $1.9 million. The monthly market shares were distributed as follows: MGM held 46%, MotorCity 31%, and Hollywood Casino at Greektown 22%.
Revenue from table games and slots increased by 6.3% compared to May 2023 and was also 3.2% higher than the previous month. From January 1 through May 31, revenue decreased by 0.1% compared to the same period in 2023.
The casinos’ monthly gaming revenue results all increased compared to May of last year with MGM up 5.3% to $51.9 million; MotorCity up 4.9% to $33.7 million; and Hollywood Casino at Greektown up 10.3% to $25.7 million.
The casinos paid $9.0 million in gaming taxes to the State of Michigan, up from $8.5 million in May 2023. Additionally, they reported $13.2 million in wagering taxes and development agreement payments to the City of Detroit.
The total retail sports betting handle for May was $11.1 million, with gross receipts amounting to $1.9 million. The qualified adjusted gross receipts (QAGR) for retail sports betting rose by $965,019 in May when compared to the same month last year. Compared to April 2024, May QAGR was up by 18.4%.
MGM reported QAGR of $545,028, MotorCity $825,176, and Hollywood Casino at Greektown $488,548. The casinos paid $70,261 in gaming taxes to the state and $85,874 in wagering taxes to the City of Detroit from their retail sports betting revenue.
Operators in the city are seeking new ways to engage patrons. Towards the end of April, Hollywood Casino at Greektown opened its new ESPN Bet sportsbook. It’s the first ESPN Bet-branded retail location at a Penn Entertainment property. It has approximately 4,500 square feet of betting and dining space, 40 betting kiosks, 25 HDTVs, and a 30-foot video wall.
Original article: https://www.yogonet.com/international/noticias/2024/06/12/72621-detroit-casinos-report-1132-million-may-revenue-mgm-leads-with-46-market-share
