Detroit casinos endure sports betting shortfall through August

MGM Grand Detroit
Image: Cynthia longhair Douglas/Shutterstock

Detroit’s three casinos have reported a year-on-year revenue drop during August, with a sports betting drag offsetting a slight uptick across slots and table games.

The three Michigan-based gaming establishments saw overall revenue come in at $104.9m, which is slightly down from the $106.14m figure that was recorded one year earlier.

Sports betting plummeted from $1.66m to close the past month at $322,186, which also represents a month-on-month decline from $477,543.

Table games and slots closed at $104.6m, up a fraction of a percentage year-on-year from $104.48m but down two per cent from July’s $106.7m.

For the year-to-date (January 1 to August 31), table games and slots revenue is 0.8 per cent up when compared to the same period one year earlier.

Once again, the aforementioned venues maintained their usual places in the standings, with MGM Grand Detroit on top with revenue of $49.5m, however, this is down 1.61 per cent year-on-year from $50.31m. Market share also dropped to 47 per cent (2022: 48 per cent)

MotorCity Casino was next in line despite a ten per cent revenue drop of 5.3 per cent to $30.7m (2022: $32.33m) to secure a market share of 30 per cent (2022: 31 per cent)

Hollywood Casino at Greektown, the only one of the three to secure a revenue uptick YoY once again, rose 10.49 per cent to $24.4 m (2022: $21.84m) for a 23 per cent slice (2022: 21 per cent).

In addition, the properties reported $10m in total sports betting handle, with gross receipts coming in at $327,291. This is down 80.6 per cent and 32.5 per cent from the $1.66m and $485,763 recorded during August 2022 and July 2023, respectively.

July QAGR per casino saw MotorCity lead the way with $195,955 (2022: $382,147), ahead of MGM’s $85,644 (2022: $701,876) and Hollywood Casino at Greektown’s $40,587 (2022: $578,830).

The trio paid $12,179 (2022: $62,856) in taxes to the state, and reported submitting $14,885 (2022: $76,824) in taxes to the city of Detroit based on retail sports betting revenue.

During the month, fantasy contest operators reported total adjusted revenue of $1.2m (2022: $1.1m) and paid taxes of $101,324 (2022: $93,849).

From January 1 through to June 30 fantasy contest operators reported $13.4m in aggregate fantasy contest adjusted revenues and paid $.1m in taxes.