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Detroit Casino Revenue Down 8.8% Year-On-Year

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Detroit’s casinos reported $94.4m in January revenue (PS75.2m/EUR88.0m).

The decline was 8.8% compared to January 2023. Total revenue from retail sports betting was $500,221 and $93.9m.

Detroit’s report for December showed a drop of 18.8% in the overall revenues.

MGM had a 48% market share in January. MotorCity accounted for 30% of the market, and Hollywood Casino Greektown accounted for 22%.

Revenue from table games and slot machines

If we look at the revenue generated by table games and slot machines specifically, they fell 9.1% from January 2023 to December 2023.

Detroit casinos have also seen a drop in revenue from year to year. MGM’s revenue decreased 11.3% from January 2023 to February 2017. MotorCity saw a 10.4% drop to $27.1m. Hollywood Casino Greektown saw a drop of 2.0% to $22.2m.

Comparing month-to-month, the results were very similar. MGM’s gaming revenues fell by 11.8%, and MotorCity’s gaming revenue dropped 21.9% from December 2023. Hollywood Casino in Greektown saw a 14.9% drop in revenue.

In January 2024 the casinos will have paid taxes of $7.6m to Michigan State. This was down 9.5% from January 2023 when it was $8.4m. The casinos in Detroit paid the City $11.2m as wagering tax and payments under development agreements.

In January, sports betting volume fell.

The total retail sports bets for January were $24.2m. This is another decline of 20,4%. The gross receipts in January totaled $520,988.

While retail sports betting adjusted gross receipts increased from year to year by $389.197, they declined by $4.3m by December 2023.

MotorCity accounted for $1.1m, while MGM was at the bottom with $403,926. Hollywood Casino Greektown made a negative $1m in this sector.

The casinos have paid $58,073 to the state of Michigan in gaming tax for sports betting. This is $53,876, more than they paid in January, 2023. The casinos also paid wagering tax to the city of Detroit in the amount of $70,978.

Detroit’s report from January noted that fantasy competition operators reported total adjusted revenue of $484.140 in December 2023 and paid 40,668 tax.

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