Detroit Casinos Earn $104.8M in January, MGM Leads
Key Takeaways
The three casinos in Detroit generated a total revenue of $104.8 million in January. While revenue from slots and table games increased compared to the previous year, there was a decline compared to December. MGM Casino, in particular, was able to maintain its market leadership. The sports betting sector also contributed to the overall results.
Revenue Development of Detroit Casinos
In January, revenue from table games and slots reached $102.3 million, representing an 8.9% increase compared to the same month last year. However, revenue declined by 6.4% compared to December.
The market shares of the three casinos were distributed as follows:
– MGM Casino: 48%
– MotorCity Casino: 30%
– Hollywood Casino at Greektown: 22%
While Hollywood Casino at Greektown recorded a slight decline of 2% compared to December, with $21.8 million in revenue, MGM saw an increase of 12.1% to $49.9 million. MotorCity also grew by 12.8%, reaching $30.6 million.
Tax Revenue for City and State
The casinos made a significant contribution to tax revenue. In January, they paid approximately $8.3 million in gaming taxes to the state of Michigan. Additionally, $12.2 million was contributed to the city of Detroit in the form of betting taxes and development levies.
Sports Betting: Growth in Retail
The retail sports betting sector also played a role in January. The three casinos recorded a betting turnover of $19.4 million, resulting in gross revenue of $2.5 million.
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The adjusted gross revenue (QAGR) was $2 million higher than the previous year. Hollywood Casino at Greektown stood out as the market leader in this segment, with a QAGR of $871,455.
Our Assessment
The January figures indicate a stable development for Detroit casinos. Despite the month-over-month decline, year-over-year growth remains positive. MGM and MotorCity, in particular, were able to strengthen their positions. The tax contributions highlight the economic importance of the casinos for both the city and the state. The sports betting market continues to develop and contributes to overall results. The coming months will reveal whether the positive trend continues.
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