Detroit’s three casinos have ended the first quarter of the year with a slight uptick in aggregate revenue, with only one property reporting a year-over-year decline.
Publishing the city casino’s March and Q1 financial results, the Michigan Gaming Control Board declared a total March revenue of $119.2m, down on the previous year’s $122.8m.
Per casino, MGM Grand Detroit had the biggest share of revenue with 46 per cent, followed by Motor City Casino with 30 per cent and Hollywood Casino at Greektown with 24 per cent.
For Q1, Detroit’s casinos reported $326.2m in revenue, up 3.4 per cent YoY (2021: $315.5m), with the state receiving $26.4m in gaming taxes (2022: $25.6m)
Per property, MGM Grand led the way with $154.7m, up 2.5 per cent YoY, followed by Motor City with $97.3m (down 0.9 per cent) and Hollywood Casino with $74.2m (up 11.5 per cent).
Splitting March’s revenue by segment, table games and slots produced $117.8m, down 2.6 per cent YoY (2022: $120.9m), but up 12.2 per cent when compared to February’s $105m.
Hollywood Casino was the only property to report a gain in March gaming revenue, up 7.5 per cent YoY to $27.6m. Meanwhile, MGM revenues declined 2.7 per cent to $54.4m and Motor City revenue dropped 9 per cent to $35.8m.
The three casinos paid $9.5m in gaming taxes to the State of Michigan in March (2022: $9.8m), submitting $14m to the City of Detroit in wagering taxes and development agreement payments.
Retail sports betting generated $1.4m towards March’s total revenue, down 26.8 per cent YoY (2022: $1.9m), but up $952,724 when compared to February’s $458,752.
Total gross receipts came in at $1.43m with a total handle of $13.9m, which is a drop compared to the previous year’s $26.3m.
Hollywood Casino led the way in terms of March sports betting revenue per property with $702,670, followed by Motor City with $424,382 and MGM with $284,425.
Gross receipts per casino for sports betting were as follows Hollywood Casino – $1.0m, Motor City – $739,658, MGM – $228,163.
The three casinos paid the state $53,354 in retail sports betting taxes, as well as submitted to the City of Detroit $65,210 in taxes.
During February, fantasy contest operators reported $1.8m in revenue and paid $150,424 in taxes.