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Detroit casinos report $107.2m in July revenue

The Michigan Gaming Control Board has published July financial results for three Detroit casinos, MGM Grand Detroit, MotorCity Casino and Penn National’s (now Penn Entertainment's) Hollywood Casino at Greektown.

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The Michigan Gaming Control Board has published July financial results for three Detroit casinos, MGM Grand Detroit, MotorCity Casino and Penn National’s (now Penn Entertainment's) Hollywood Casino at Greektown.

The three casinos reported $107.2m in monthly aggregate revenue, with monthly market shares of 48% for MGM Grand Detroit, 33% for MotorCity and 19% for Hollywood Casino at Greektown.

Table games and slots revenue amounted to $105.9m, a fall of 8% year-on-year. However, monthly revenue rose by 8% when compared to June.

All three casinos reported a fall in monthly gaming revenue year-on-year; MGM Grand Detroit fell by 5% to $51.2m, MotorCity was down by 10% to $34.8m and Hollywood Casino at Greektown fell 15% to $19.9m.

The casinos paid $8.6m in wagering taxes to the state of Michigan, compared to $9.4m in July 2021. Additionally, they submitted $12.6m in wagering taxes and development agreement payments to the city of Detroit.

Retail sports betting qualified adjusted gross receipts (QAGR) rose to $1.3m, representing a 4% increase. Total retail sports betting handle amounted to $18.9m, with total gross receipts of $1.3m. 

MGM Grand Detroit reported July QAGR of $807,710, MotorCity $238,320 and Hollywood Casino at Greektown $212,205.

In July, the casinos paid $47,561 in retail sports betting taxes to the state, with $58,130 in retail sports betting wagering taxes and development agreement payments submitted to the city of Detroit.

In June, fantasy contest operators reported total adjusted revenues of $1m, and paid taxes of $84,062.

Fantasy contest operators reported $7.4m in adjusted revenues in H1 2022, with $622,691 in taxes paid.

Last month, OddsSeeker predicted that Michigan is set to become the largest iGaming market in the US.

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