Detroit’s three casinos have reported their March financial results, showing $119.2 million in monthly aggregate revenue. Table games and slots generated $117.8 million, a 2.6% decrease from the same period last year, while retail sports betting produced $1.4 million.
As reported by the Michigan Gaming Control Board, market shares during March were 46% for MGM Grand Detroit, 30% for MotorCity Casino, and 24% for Hollywood Casino at Greektown.
Monthly table games and slots revenue fell 2.6% from March 2022 results of $120.9 million. Meanwhile, revenue increased 12.2% when compared with February’s results of $105 million.
Compared with the same period last year, Hollywood Casino at Greektown reported a 7.5% gain with $27.6 million monthly gaming revenue. MGM’s monthly revenue declined 2.7% to $54.4 million, and Motor City’s revenue fell 9% to $35.8 million compared to March 2022 results.
During the month, the three Detroit casinos paid $9.5 million in gaming taxes to the State of Michigan, compared with $9.8 million for the same month last year. The three casinos also reported submitting $14 million in wagering taxes and development agreement payments to the City of Detroit during March.
Retail sports betting qualified adjusted gross receipts (QAGR) for March dropped 26.8% when compared with March 2022 results of $1.9 million. Monthly QAGR rose by $952,724 million when compared with February results.
Total gross receipts were $1,431,580, and the total handle was $13.9 million. The state received $53,354 in retail sports betting taxes from the three Detroit casinos, which also reported submitting $65,210 in retail sports betting taxes to the City of Detroit.
During February, fantasy contest operators reported total adjusted revenues of $1.8 million and paid taxes of $150,424.
For January and February combined, fantasy contest operators reported $4.7 million in aggregate fantasy contest-adjusted revenues and paid $395,122 in taxes.
Original article: https://www.yogonet.com/international/news/2023/04/13/66805-detroit-casinos-report-1192m-in-gaming-revenue-during-march-driven-by-online
