The three casinos in Detroit, Michigan, have reported $109.7 million in monthly aggregate revenue during April, down by 7.6% on a yearly basis, according to the latest report from the Michigan Gaming Control Board. Table games and slots generated virtually all of the revenue at $109.6 million, while retail sports betting produced revenue of $120,350.
MGM Grand Detroit led April with a market share of 46%. The property was followed by MotorCity Casino Hotel, at a 30% market share, while Hollywood Casino at Greektown placed third with a 34% share of the market.
Table games and slots revenue down
Revenue for table games and slots was down by 6.2% when compared to the results in the same month last year. Additionally, April’s revenue also dropped on a monthly basis by 6.9% when paired against revenue in March this year.
MGM Grand Detroit
Monthly gaming revenue results were mixed when compared with April 2022. Hollywood Casino at Greektown was the only casino to post an increase, with revenue up by 6.3% to $25.2 million. MGM and MotorCity were down by 11.5% and 6.1%, reporting $50.2 million and $34.2 million, respectively.
During the period, the three casinos paid $8.9 million in taxes to the State of Michigan, also down when compared with $9.5 million for the same month last year. Additionally, the gaming properties reported submitting $13 million in wagering taxes and development agreement payments to the City of Detroit during the last month.
MotorCity Casino
Despite the overall drop in April, yearly revenue-to-date shows an improvement from 2022. Through April 30, the three casinos’ table games and slots revenue rose 0.8% when compared to the first fourth months of the previous year.
Retail sports betting QAGR down
The Detroit casinos reported $15.3 million in total retail sports betting handle, while total gross receipts were a negative $14,489.
“Due to a patron successfully winning $2.6 million at MotorCity Casino placing parlay wagers, retail sports betting qualified adjusted gross receipts (QAGR) were down by 93.6% in April compared with the same month last year,” noted the Michigan Gaming Control Board. April QAGR fell by 91.5% compared with March results.
April QAGR by casino was $432,195 for MGM Grand Detroit; a negative $1.7 million for MotorCity, and $1.4 million for Hollywood Casino at Greektown. Combined sports betting revenue for the three properties was just $120,350, a far cry from $1.9 million in April 2022.
Lastly, the Board announced that fantasy contest operators reported total adjusted revenues of $2.1 million and paid taxes of $177,504 during March.
From January 1 through March 31, fantasy operators reported $6.8 million in aggregate fantasy contest adjusted revenues and paid $572,626 in taxes.
Original article: https://www.yogonet.com/international/news/2023/05/12/67125-michigan-detroit-casinos-see-revenue-down-about-8-in-april
