MGM retains top spot as Michigan sees revenue slide during October

MGM Grand Detroit

MGM Grand Detroit has maintained its place at the top of the Michigan gambling tree despite the region’s three land-based gaming establishments seeing revenue slip 10 per cent year-on-year through October to $103.4m (2021: $114.1m).

Breaking this figure down, table games and slots revenue came in at $100.7m, which is a decline of 9.6 per cent year on year and 0.1 per cent from the $100.8m reported one month earlier. Retail sports betting contributed $2.1m through the month.

The aforementioned venue saw revenue slip 11.9 per cent year-on-year through the month to close at $46.4m (2021: $52.7m), which secured a 46 per cent market share.

Elsewhere, MotorCity Casino also declined, this time by 12.3 per cent to $32.4m (2021: $36.9m) that brought a 32 per cent share, however, Hollywood Casino at Greektown witnessed a fractional 0.3 per cent uptick to $21.9m that delivered a 22 per cent slice.

The three casinos’ gaming revenue for table games and slots during the first 10 months of the year declined a fractional 0.3 per cent compared with the same period last year.

During October, the three casinos paid $8.2m in gaming taxes to the state, compared with $9m for the same period one year earlier. The trio also submitted $12.4m in wagering taxes and development agreement payments to the city of Detroit during the month.

Retail sports betting monthly qualified adjusted gross receipts declined 20.8 per cent year-on-year to $2.1m (2021: $2.64m), with that figure also representing a 19.4 per cent downfall from September’s $2.6m. Total handle was $23.54m (2021: $34.22m).

MGM once again led the way with QAGR of $711,959 (2021: $1.38m), followed by Hollywood Casino’s $702,147 (2021: $588,847) which leapfrogged MotorCity despite the property rising to $680,649 (2021: $671,009). For the year-to-date, this is split $4.7m, $6.4m and $4.3m, respectively.

Taxes paid to the state was $79,182 compared with $99,977 paid in October 2021, while $96,778 was submitted in wagering taxes and development agreement payments to Detroit.

During September, fantasy contest operators reported total adjusted revenues of $1.5m (2021: $1.57m) and paid taxes of $126,719 (2021: $132,030).

Fantasy contest operators reported $11.2m (2021: $11.9m) in aggregate fantasy contest adjusted revenues and paid $944,224 (2021: $1m) in taxes during the first nine months of the year.