Last updated: April 19, 2024
Detroit casinos report robust March revenue of $123.86 million, driven by table games, slots, and retail sports betting. MGM commands a 46% market share, with total gaming revenue showing a 3.8% increase over March 2023. Retail sports betting sees a significant uptick, with total gross receipts up by 13.2% year-on-year.
The Detroit gambling space experienced a nice march into the Vegas in March 2024 as the trio of casinos in the city posted an impressive monthly aggregate revenue of $123.86 million, with the lion’s share($122.26 million)of the amount coming from table games and slots, while $1.6 million was reported as retail sports betting. The market shares for the month were divided as follows: 46% of the market was obtained by MGM, 31% by MotorCity, and 23% by Hollywood Casino at Greektown.
In evaluating table games and slot revenue figures over March 2023, which represent an increase of 3.8% compared to February 2024, it was recorded that there was a 16.7% increase in revenue. Nonetheless, the casino’s earnings from tabletop games and pokies were down 1.6% during the period January 1 to March 31 compared to the same quarters of the previous year.
Contrary to the overall decline, the breakdown of the individual casino’s performances against March 2023 figures yielded mixed results. MGM fared the best with a 4.1% increase, Motor City witnessed a 7.2% rise, and Hollywood Casino at Greektown dipped by 1.4% compared to the preceding year.
Furthermore, the three Detroit casinos paid $9.9million in gaming taxes to the State of Michigan in March 2024which was a bit higher than the $9.5 million they paid last year that was during March.
In addition, they remitted taxes and development agreement payments of $14.5 million size to the City of Detroit for the first year after the beginning of the Council.
In March, the Harrah’s Detroit, Greektown, and MGM Grand casinos, ahold of one of the highest for the month combined retail sports betting handling of $17.25 million, but with a gross receipt of less than $2 million. To give a glimpse of the increase which was observed shows that the qualified adjusted gross receipts (QAGR) in March 2024 experienced an upsurge of 13.2% which is equal to $1.7 million over February 2024.
The figure above for March QAGR is an indication that MGM was at $327,857, then that of MotorCity at $538,988, and the highest at $731,389 was that of Hollywood Casino at Greektown.
During the month, the casinos contributed $60,413 in gaming taxes to the state, alongside reporting $73,838 in wagering taxes to the City of Detroit based on their retail sports betting revenue. In February 2024, fantasy contest operators declared total adjusted revenues of $405,342, with accompanying tax payments reaching $34,049.
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