Despite the ongoing COVID-19 pandemic, casinos in Detroit, Michigan managed to surpass $100 million in monthly aggregate revenue last month, according to recent results.
MGM, Greektown Revenue Grows in January
The Michigan Gaming Control Board unveiled figures on Tuesday regarding the revenue which casinos in Detroit raised in January. According to the recent report, the three casinos in Detroit reported $100.9 million in aggregate revenue last month.
Breakdown of the revenue shows that MGM earned the highest market share, contributing 49% of the monthly revenue. On the other hand, MotorCity’s market share in January was 30%, while Greektown was responsible for the remaining 21%.
In other words, MGM’s revenue last month hit $48.7 million, marking an increase of 43% when compared to January 2021. Greektown’s revenue in January 2022 hit $20.5 million, marking a 4.1% increase when compared to the same period a year ago.
In contrast, MotorCity’s revenue hit $29.9 million, marking a 9.9% decrease when compared to January 2021. According to the MGCB, one of the reasons why gaming revenues plummeted last year was the pandemic-related capacity limits.
Taxes Last Month Increased to $8 Million
The regulator revealed that the bigger part of the gaming revenue from Detroit’s three casinos last month was generated by table games and slots. Those games were responsible for nearly $99 million, while retail sports betting generated some $1.93 million.
Overall, the tax proceeds from the three casinos in Detroit in January hit $8 million. This marks an increase when compared to January 2021, when taxes halted at $7 million.
According to the MGCB, retail sports betting’s total gross receipts in January were $1.97 million. On the other hand, qualified adjusted gross receipts (QAGR) for sports betting last month dropped to $1.93 million, marking a 52.4% decrease when compared to the same period in 2021. Michigan received some $73,070 in taxes from the three casinos’ retail sports betting operations last month. Additionally, the venues submitted $89,308 in retail sports betting taxes to Detroit.
Last but not least, MGCB’s latest report outlined that fantasy contest operators reported $772,465 in total adjusted revenues in December. This represents taxes of $64,887. The aggregate fantasy contest adjusted revenues from fantasy contest operators for the full year 2021 hit $16.2, representing $1.4 million in taxes.