Detroit casinos report 94% drop in January retail sports betting revenue
The Michigan Gaming Control Board (MGCB), the gambling regulator for the state, has reported enormous drops in retail sports betting for Detroit's three casinos, MGM, Motor City and Hollywood Casino throughout January. Despite this, overall casino revenue increased from $100.9m to $103.5m.
An analysis of the $103.5 in revenue from the three casinos has shown that retail sports betting produced only $111,023. This is compared to table games and slots, which made $103.4m in revenue.
Adjusted gross receipts (QAGR) showed that retail sports betting fell by 94%, which accounted for $1.8m when compared to the revenue for January 2022.
However, monthly gaming rose by 3% in MGM for $50.2m and 1% in Motor City Casino for $30.3m. Motor City Casino had an increase of 12% when compared to January 2022, accounting for $22.9m of the monthly revenue.
The January QAGR total for MGM was -$62,725, Hollywood Casino at Greektown was -$62,755, while MotorCity stood at $236,503. Total gross receipts were $149,379 and total handle was $15,277,683. The Detroit casinos paid $8,940 in state taxes when compared to $73,070 for January 2022.
The three Detroit casinos paid $8.4m in gaming taxes to the State of Michigan, which is an increase when compared to the $8m paid for the same month last year.
A detailed report from MGCB shows that revenue from table games and slots had increased 4% when compared to this time last year.
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