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.

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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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