Detroit casinos report $102.9M revenue, sports betting down
The Essentials at a Glance
- The three Detroit casinos (MGM, MotorCity, and Hollywood Casino) reported a total revenue of $102.9 million USD in October 2024.
- Revenue from slot machines and table games increased by 26.9% compared to the previous year.
- However, sports betting saw a loss of over $0.8 million USD.
- MGM Casino secured 48% of the market share, leading the market with $49.4 million USD in revenue.
- The casinos paid a total of $8.4 million USD in taxes to the state and $12.8 million USD to the city of Detroit.
Strong October for Detroit’s Casinos Despite Sports Betting Losses
The latest revenue figures from Detroit’s three casinos – MGM, MotorCity, and Hollywood Casino – show a solid increase in earnings for October 2024. According to the Michigan Gaming Control Board, total revenue amounted to $102.9 million USD. Slot machines and table games were the key contributors to this positive outcome, while sports betting revenues saw a decline.
Revenue Development in Detail
Compared to September 2024, total revenue increased by 2.6%. Traditional casino games such as slots and table games performed particularly well. Revenue in this segment rose by 26.9% compared to the previous year, indicating growing interest in classic casino offerings.
MGM Casino dominated the market with a 48% share and generated $49.4 million USD, representing a 32.4% increase. MotorCity Casino followed with $31.7 million USD, a 26.7% increase compared to the previous month. Hollywood Casino in Greektown also saw growth, reaching $22.6 million USD, an increase of 16.5%.
Weak Performance in Sports Betting
While traditional casino games showed positive growth, the three casinos struggled with their sports betting offerings. Although the betting handle stood at $22.2 million USD, the bets resulted in a loss of over $0.8 million USD in gross earnings. Compared to the previous year, the qualified adjusted gross revenue (QAGR) from sports betting decreased by $2 million USD, underscoring the volatility of this segment.
Hollywood Casino in Greektown led sports betting activities, posting a QAGR of $175,905 USD.
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Economic Contribution of the Casinos
Despite the challenges in the sports betting sector, the casinos made a significant contribution to the local and state economy. In October, the three casinos paid a total of $8.4 million USD in taxes to the state of Michigan. Additionally, the city of Detroit received $12.8 million USD from betting taxes and development agreements, highlighting the economic importance of the gambling industry to the region.
Our Assessment
Detroit’s casinos once again demonstrated in October 2024 that traditional casino games like slot machines and table games continue to be in high demand. Despite losses in the sports betting sector, the overall development remains positive, particularly due to the stable revenue from classic casino offerings. The economic contributions of the casinos to the city and the state also show how vital this industry is for the region. However, the sports betting market remains volatile, making future developments in this area difficult to predict.
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