@loumonacoSHARE THIS ARTICLE
Detroit’s three commercial casinos saw a slight decrease in revenue for August. MGM Grand Detroit, Greektown and MotorCity casinos had $113.82 million in monthly aggregate revenue in August, down $3.08 million from July figures.
Table games and slots also saw a slight decline to $112.17 million in August, down from $115.7 million in July. MI sports betting saw a slight a revenue increase at retail locations, coming in at $1.65 million (up from $1.2 million in July), but the total sports wagering handle of $16.28 million was down from $18.2 million last month.
Online sports betting figures should be released later this week or early next week in Michigan. They usually follow the release of the retail casino and sportsbook numbers.
August’s total table games and slots revenue was 61.7% higher than August 2023 revenue, but Michigan gaming was dealing with COVID-19 related restrictions at that time. Detroit’s three casinos were reopened in early August 2023 at just 15% capacity after a 4½-month closure because of COVID-19. In July 2019, the casinos reported $119 million in aggregate revenue.
MGM Maintains Lead
MGM Grand Detroit led the land-based casinos with $52.24 million in revenue last month, an 82.4% increase from August 2023.
MotorCity followed at $36.52 million (45.9% increase from last year), while Greektown came in at $23.41 million (49.2% increase from 2023). The total for MGM accounted for 47% of market share, with MotorCity (32%) and Greektown (21%) splitting just over the other half of the total market.
The three Detroit casinos paid $9.1 million in taxes for gambling to the state of Michigan, in addition to $13.3 million in wagering taxes and development agreement payments to the city of Detroit during August.
Sports Betting Down, for Now
Last month’s retail sports betting handle of $16.28 million was down from July’s $18.2 million. Significant increases are likely to begin when September numbers are released next month with the start of college football and NFL betting already underway.
MGM Grand Detroit recorded the highest sports betting qualified adjusted gross receipts (QAGR) at $851,920. MotorCity was second at $232,675 with Greektown rounding out the list at $565,432.
The three casinos paid $62,371 in sports betting taxes to the state and $76,231 in sports betting taxes to Detroit.
For August, fantasy contest operators reported total adjusted revenues of $1.124 million (down from $1.3 million in July) and paid $94,439 in taxes.
Fantasy contest operators reported aggregate fantasy contest adjusted revenues of $9.4 million (up from July’s $8.3M) and paid $792,242 (up from $697,183 in July) through July 31.
@loumonaco
