Michigan records November revenue downfall as MGM retails the lead

MGM Grand Detroit

Michigan’s gambling regulator has reported another monthly revenue downfall through November, with Detroit’s three casino establishments falling 6.27 per cent to $101.8m (2021: $108.19m).

Breaking this figure down, table games and slots revenue came in at $99.9m, which is a decline of 3.96 per cent year on year and 0.79 per cent from the $103.86m and $100.7m reported one month and one year earlier, respectively. Retail sports betting produced $1.9m (2021: $4.33m).

MGM Grand Detroit retained its place at the top of the tree courtesy of a 3.3 per cent YoY drop to $46.7m (2021: $48.29m), which secured a 47 per cent market share.

Elsewhere, MotorCity Casino also declined, this time by 9.1 per cent to $30m (2021: $33.04m) that brought a 30 per cent share, however, Hollywood Casino at Greektown witnessed a 2.9 per cent uptick to $23.2m (2021: $22.53m) 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 0.6 per cent compared with the same period last year.

During October, the three casinos paid $8.1m in gaming taxes to the state, compared with $8.4m 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.

Furthermore retail sports betting monthly qualified adjusted gross receipts declined 50.7 per cent year-on-year to $1.9m (2021: $4.64m). Total handle was $18.13m (2021: 26.69m).

MGM once again led the way with QAGR of $807,913 (2021: $1.03m), followed by MotorCity’s $741,222 (2021: $1.47m) and Hollywood Casino’s $313,884 (2021: $1.82m). For the year-to-date, this is split $5.5m (2021: $8.15m), $5m (2021: $8.83m) and $6.7m (2021: $8.84m), respectively.

Taxes paid to the state was $70,422 compared with $163,625 paid in November 2021, while $86,071 was submitted in wagering taxes and development agreement payments to Detroit.

During October, fantasy contest operators reported total adjusted revenues of $1.8m (2021: $1.75m) and paid taxes of $147,693 (2021: $132,030).

Fantasy contest operators reported $13m (2021: $13.9m) in aggregate fantasy contest adjusted revenues and paid $1.1 (2021: $1.2m) in taxes during the first nine months of the year.