This marked a dip of 8.8% from January 2023. In total, $93.9m came from table games and slots, while $500,221 was generated by retail sports betting.
The overall revenue also fell month-on-month, trickling down by 18.8% from Detroit’s December report.
In terms of market share, MGM held 48% in January. MotorCity held 30%, while Hollywood Casino at Greektown took up 22%.
Table games and slots revenue
Looking at revenue from table games and slots specifically, it fell by 9.1% compared to January 2023 and 15.7% from December 2023.
Detroit’s casinos also recorded drops in gaming revenue year-on-year. Revenue at MGM decreased by 11.3% compared to January 2023, while revenue at MotorCity dipped 10.4% to $27.1m. Hollywood Casino at Greektown recorded a dip of 2.0% to $22.2m.
Things were similar when looking at the month-on-month comparisons. MGM gaming revenue fell 11.8% and MotorCity gaming revenue declined 21.9% compared to December 2023. Revenue at Hollywood Casino at Greektown also fell by 14.9%.
During January 2024, the casinos paid $7.6m in taxes to Michigan state. In January 2023, this was $8.4m, representing a 9.5% decrease. To the City of Detroit, the casinos paid $11.2m in wagering taxes and development agreement payments.
Sports betting handle sinks in January
Total retail sports betting handle for the month totalled at $24.2m, marking another monthly decline – this time, of 20.4%. Gross receipts for January were $520,988.
And while retail sports betting qualified adjusted gross receipts (QAGR) increased by $389,197 year-on-year, it declined by $4.3m compared to December 2023.
Looking at QAGR by casino, MotorCity generated $1.1m of the total, with MGM bringing up the rear with $403,926. Hollywood Casino at Greektown managed a loss in this segment, totalling negative $1m.
For sports betting, the casinos paid $58,073 in gaming taxes to Michigan state – a staggering $53,876, higher than what was paid in January 2023. They also paid $70,978 in wagering taxes to the City of Detroit.
Detroit’s January report noted that fantasy contest operators reported total adjusted revenues of $484,140 in December 2023, and paid $40,668 in taxes.
Original article: https://igamingbusiness.com/sports-betting/detroit-casino-revenue-down-8-8-year-on-year/
