Detroit’s three casinos have reported revenue of $107.2m through June, which represents a 5.61 per cent uptick from June’s $101.5m and remains stable year-on-year.
The three gaming establishments, each located in Michigan and having also received unanimous licence renewals, saw table games and slots generate $106.7m, with sports betting reporting a $477,543 to bounce back from the previous month’s negative showing.
Table and slots revenue through the month increased 4.71 per cent when compared to June 2022’s $101.9m.
Through the period ending June 30, revenue from table games and slots are almost 0.9 per cent ahead when contrasted to the same period last year.
The venues maintained their usual places in the standings, with MGM Grand Detroit on top with revenue of $50m, however, this is down 2.4 per cent year-on-year from $51.2m. An increased market share of 47 per cent was held by the property.
MotorCity Casino was next in line despite a ten per cent revenue drop to $31.4m (2022: $34.8m) to secure a market share of 29 per cent.
Hollywood Casino at Greektown, the only one of the three to secure a revenue uptick YoY once again, rose 27.5 per cent to $25.3m (2022: $19.95m) for a 24 per cent slice.
During the month, the three Detroit casinos paid $8.65m in gaming taxes to the state of Michigan. The trio also submitted $12.7m in wagering taxes and development agreement payments to the city of Detroit.
In addition, the regulator reported that retail sports betting qualified adjusted gross receipts stood at $7.96m, which is fractionally up from the previous month but down 62 per cent YoY. Total gross receipts came in at $485,763.
July QAGR per casino saw Hollywood Casino at Greektown lead the way with $397,249 (2022: $212,205), ahead of MGM’s $121,017 (2022: $807,710) and MotoCity’s negative $$40,723 (2022: $238,320).
The trio paid $19,590 (2022: $47,561) in taxes to the state, and reported submitting $23,944 (2022: $58,130) in taxes to the city of Detroit based on retail sports betting revenue.
During the month, fantasy contest operators reported total adjusted revenue of $1.4m (2022: $1m) and paid taxes of $117,117 (2022: $84,062).
From January 1 through to June 30 fantasy contest operators reported $12.1m in aggregate fantasy contest adjusted revenues and paid $1m in taxes.
Furthermore, each of these aforementioned three establishments have received unanimous one-year renewals of the licences within the state.
This will implement an 18 per cent on adjusted gross receipts, with the state to also receive 8.1 per cent while the city of Detroit gains 9.9 per cent of the wagering tax plus development agreement payments.
The casinos also pay an 8.4 per cent tax on retail sports betting qualified adjusted gross receipts, as well as an annual fee to cover regulatory expenses. The trifecta will be eligible for renewals once again in August 2024.
“Renewing a casino licence reflects an ongoing commitment to operate a reputable and responsible establishment,” MGCB Executive Director Henry Williams commented.
“It signifies a dedication to maintaining high standards of quality, security, and fair play within the industry.
“The renewal of these licences is validation of the casinos’ commitment to operating as responsible and valued corporate citizens within Michigan that contribute positively to the state’s gambling industry while ensuring a safe and enjoyable experience for all patrons.”
