The Michigan Gaming Control Board has announced that Detroit’s three casinos reported $1.27 billion yearly revenue in 2022. Slots generated 77% of revenue at $983.7 million, table games provided 21% of revenue at $273.3 million, and retail sports betting added 2% of revenue at $18.8 million.
By comparison, the casinos produced $1.29 billion in aggregate revenue in 2021, implying a slight 1% decrease. The 2022 market shares were at 48% for MGM Grand Detroit; MotorCity Casino at 31%, and Hollywood Casino at Greektown at 21%.
Year-over-year gaming revenue for slots and table games declined a fractional 0.8% to $1.26 billion. MGM Grand Detroit’s revenue rose 8.3% to $600 million. MotorCity Casino’s revenue fell 9.5% to $396.5 million. Hollywood Casino at Greektown reported a 5.1% decline in revenue of $260 million.
During 2022, the three Detroit casinos paid $101.8 million in wagering taxes on slots and table games revenue to the State of Michigan, compared with $102.6 million in 2021. They also reported making $155.6 million in wagering taxes and development agreement payments on slots and table games revenue to the City of Detroit during 2022, compared with $160.8 million paid in 2021.
Year-over-year gaming revenue for slots and table games declined a fractional 0.8% to $1.26 billion. MGM Grand Detroit’s revenue rose 8.3% to $600 million, while MotorCity Casino’s revenue fell 9.5% to $396.5 million and Hollywood Casino at Greektown reported a 5.1% decline in revenue to $260.5 million.
The three casinos reported aggregate retail sports betting qualified adjusted gross receipts of $18.81 million, down 30.2% from the $26.95 million reported in 2021. MGM saw $6.21 million; MotorCity posted $5.55 million; and Hollywood Casino at Greektown announced $7.05 million.
The regulator also disclosed the three casinos’ results for December 2022, when they reported $109.9 million in monthly aggregate revenue, compared with $112.5 million during the same period in 2021. Table games and slots generated $108.3 million in revenue while retail sports betting produced $1.6 million in revenue.
December 2022 table games and slots revenue declined 2.8% from revenue produced in December 2021. Revenue for table games and slots was up 8.4% compared with the $99.9 million reported in November. December revenue fell 0.8% year-on-year to $51 million for MGM; while MotorCity’s revenue dropped 5.7% to $33 million, and Hollywood Casino at Greektown posted a 2.9% decline to $24.3 million.
Retail sports betting QAGR at $1.6 million rose 48% in December compared with December 2021 results of $1.1 million. The breakdown by casino was MGM with $723,474; MotorCity with $548,710; and Hollywood Casino with $364,788. Total sports betting handle was $16 million and total gross receipts were $1.6 million. In December 2021, handle was $30 million and gross receipts were $1.1 million.
The three Detroit casinos’ fourth quarter aggregate revenue was down 5.4% compared with the fourth quarter of 2021. Quarterly gaming revenue for MGM was down 5.4% to $144.1 million, and MotorCity saw a 9.1% decline to $95.4 million. Hollywood Casino at Greektown reported a fractional 0.02% increase to $69.4 million.
Original article: https://www.yogonet.com/international/news/2023/01/16/65735-detroit-casinos-post-1-gaming-revenue-decrease-in-2022-totaling-127b
