Detroit casinos report mixed June financial results
Three Detroit casinos have reported mixed financial results, according to figures published by the Michigan Gaming Control Board.
Table games and slots revenue for the MGM Grand Detroit, MotorCity Casino and Penn National’s Hollywood Casino at Greektown fell 7% in June 2022 compared to June 2021, down 8% compared with May 2022.
However, these revenues have seen a 5% increase for the first six months of the year compared to the first six months of 2021.
MGM held 49% of the monthly market share, with MotorCity and Hollywood Casino holding 34% and 17% respectively.
The casinos paid $8m in tax to the state of Michigan in June, a fall from the $8.6m total paid in June 2021. Additionally, the three casinos submitted $11.7m in wagering taxes and development agreement payments to the City of Detroit in June 2022.
The casinos reported a minor increase of 0.04% in second quarter aggregate gaming revenue, compared to second quarter revenue in 2021. MGM reported second-quarter revenue of $155.1m, up 14%, MotorCity reported $104.5m, down 9% and Hollywood Casino reported $61.7m, down 12%.
Retail sports betting qualified adjusted gross receipts saw an 81% fall from $2.3m in June 2021 to just $448,703 in June 2022, with an 81% fall from the May 2022 total of $2.4m. Total retail sports betting handle was reported at $22.4m, with total gross receipts at $462,215.
The state of Michigan reported $160.9m in gross gaming revenue for iGaming and sports betting for May 2022, with MGM, MotorCity and Hollywood Casino contributing $6.4m in tax from iGaming, and $693,999 in sports betting taxes and fees.
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