Detroit’s three casinos reported $108.3 million in revenue for November, with table games and slots generating $106.4 million and retail sports betting $1.9 million, according to the Michigan Gaming Control Board’s latest report. MGM Grand Detroit held a 46% market share for the month, followed by MotorCity Casino Hotel at 31% and Hollywood Casino at Greektown at 23%.
Table games and slots revenue increased by 40.1% compared to the same month last year, partly attributed to a casino employee strike that began in October 2023 and lasted through most of November 2023, causing revenue totals to be lower than normal.
However, November’s monthly revenue was also 2.7% higher when compared to the previous month, October 2024, which saw regular business conditions. Including the latest report, from Jan. 1 through Nov. 30, the Detroit casinos’ table games and slots revenue increased by 5.6% compared to the same period last year.
The casinos’ monthly gaming revenue results all increased compared to November 2023. MGM was up by 60.6% to $49.21 million, while MotorCity increased 34.0% to $33.06 million, and Hollywood Casino at Greektown increased 16.8% to $24.17 million.
In November, the three Detroit casinos paid $8.6 million in gaming taxes to the State of Michigan, while they paid $6.2 million for the same month last year. The casinos also reported submitting $13.2 million in wagering taxes and development agreement payments to the City of Detroit last month.
As for sports betting, the three Detroit casinos reported $20.99 million in total retail handle, while total gross receipts totaled $1.9 million. Retail sports betting qualified adjusted gross receipts (QAGR) were down by $1.2 million in November when compared to the same month in 2023, and up by $2.7 million when compared to October 2024.
Hollywood Casino at Greektown led November QAGR at $886,249, followed by MotorCity with $571,059 and MGM at $457,409. The casinos paid $72,376 in gaming taxes to the state and submitted $88,460 in wagering taxes to the City of Detroit based on their retail sports betting revenue.
Lastly, the Michigan gambling regulator reported that, for October this year, fantasy contest operators posted total adjusted revenues of $991,881 and paid taxes of $83,318.
Original article: https://www.yogonet.com/international/news/2024/12/11/88260-detroit-casinos-post-revenue-up-by-40-in-november-wtih-mgm-leading-in-market-share
