Detroit Casinos’ Revenue Continued to Decline in September
Casino revenue in Detroit continued to decline in September, the latest monthly and quarterly report released by the Michigan Gaming Control Board (MGCB) revealed.
September Slots and Table Games
The three Detroit casinos registered monthly aggregate revenue of $103.4 million in September. The monthly result was 2.6% lower than the $106.14 million the casinos generated in August.
MGM Grand Detroit Casino held the largest casino market share, 48%, leaving MotorCity Casino Hotel with 31% and Hollywood Casino at Greektown, former Greektown Casino-Hotel, with 21% further behind.
Table games and slots generated $100.8 million, down 3.5% from the $104.48 million in August. Compared year-over-year, the result was 5.7% lower than in September 2021, while the year-to-date result through September 30, 2022, posted a marginal increase of 0.8% on the respective nine-month period in the previous year.
Table games and slots revenue of $48.4 million at MGM was almost unchanged as compared to September 2021, while MotorCity and Hollywood Casino at Greektown registered declines of 14.2% to $31.3 million and 4.3% to $21.1 million, respectively.
Third Quarter Slots and Table Games
As for the quarterly results, the casinos reported a 7% decline in aggregate revenue from table games and slots as compared to the respective quarter in 2021. All three gaming properties were affected as MGM was down 2.9% to $150 million, MotorCity declined by 11.7% to $98.5 million, and Hollywood Casino at Greektown registered an 8.8 decline to $62.8 million.
Consequently, the three casinos paid less in gaming taxes to the state, $25.2 million, as compared to $27.1 million during the same period in 2021.
September Sports Betting
Retail sports betting operations contributed another $2.6 million in qualified adjusted gross receipts, out of total sports betting handle of $18.58 million, registering an increase of 56.3% to the $1.66 million in August and a decline of 24.9% on the $3.5 million in qualified adjusted gross receipts in September 2021.
MGM ranked first with $1,007,935, followed by MotorCity with $822,534, while Hollywood Casino at Greektown remained last with $768,912. Year-to-date, Hollywood Casino at Greektown is first with $5.7 million, MGM is second with $4 million and MotorCity is last with $3.6 million.
The three Detroit casinos paid the State of Michigan $98,257 in sports betting gaming taxes, 24.9% less than they directed to the state coffers in September 2021, while to the City of Detroit, the three casinos reportedly submitted $120,091.
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.
