Detroit’s casinos reported a revenue decline in September compared to the same month last year. A sports betting drag was offset by a small increase across slot machines and table games.
The overall revenue of the three Michigan gaming establishments was $104.9m in 2010, a slight decrease from $106.14m recorded a year earlier.
The sports betting market has plummeted to $322,186 from $1,66m, also a drop of $477,543 from the previous month.
The total for table games and slot machines was $104.6m. This is up a fraction on the year from $104.48m, but down 2 per cent compared to July’s $106.7m.
Table games and slot machine revenue for the first eight months of the year (January 1 through August 31) is up by 0.8 percent compared to the previous year.
The top three venues in the rankings remained the same, with MGM Grand Detroit at the top, but with a revenue of $49.5m. This is down from $50.31m by 1.61 percent. The market share fell to 47% (2022: 48%)
MotorCity Casino came in second despite a revenue decline of 10% to $30.7m (in 2022, $32.33m), securing a market share 30 percent (2022: 31%).
Hollywood casino at Greektown was the only one out of three casinos to see a YoY revenue increase. It rose 10.49 percent to $24.4 million (2022: $18.84m), a 23.1% share (2022: 21%).
The properties also reported $10m of total sports bets, with gross revenues at $327 291. The $1.66m in August 2022 was down by 80.6 percent and $32,5 per cent compared to the $485,763 in July 2023.
MotorCity led the July QAGR for each casino with $195.955 (2022, $382.147), followed by MGM at $85.644 (2022, $701.876), and Hollywood Casino in Greektown, which had $40.587 (2022, $578.830).
The three paid $12,179 in taxes (2022 = $62,856) to the state and reported that they had submitted $14,885 in taxes (2022 = $76,824) to the city of Detroit, based on the retail sports betting revenues.
In the last month, operators of fantasy contests reported a total adjusted revenue ($1.2m – 2022: $1.1m), and they paid taxes in the amount of $101,324 (2022): $93,849.
Between January 1 and June 30, fantasy contest operators reported $13.4m of adjusted revenue from fantasy contests. They paid $.1m tax.
