Detroit Casinos Report Stable Revenue Growth in March
Detroit’s three commercial casinos have reported total revenue of $129.3 million for March, representing a 3.9% increase on March 2023’s revenue of $119.2 million.
LISTEN TO THIS ARTICLE:Furthermore, revenue in March 2024 was up 18.5% on February’s revenue of $104.6 million. The vast majority, $122.3 million, was generated by slots and table games, an increase of 3.8% year-on-year and 16.7% more than in February.
However, the city’s retail sports betting qualified adjusted gross receipts (QAGR) was just $1.6 million. Nonetheless, it was still 13.2% more than last year and a significant improvement from the $120,142 loss suffered in February.
Related: Detroit Casinos Rebound Following Workers Strike
MGM Leads the Market in Detroit
The MGM Grand Detroit was by far the most popular casino in the city and it reported a 46% market share in March. The venue reported revenue of $56.7 million from slots and table games, an increase of 4.1%, and QAGR grew to $327,857.
In second place was MotorCity Detroit, which claimed 31% of the market share. It saw revenue from slots and table games of $38.4 million, an increase of 7.2%, while sports betting QAGR was $538,988.
Finally, Hollywood Casino at Greektown saw a market share of 23% in March. Its slots and table games revenue fell 1.4% to $27.3 million, but it had the largest sports betting QAGR of the three, of $731,389.
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Significant Tax Payments for the State of Michigan
The trio of casinos contributed significantly to Michigan's revenue stream, with a total payment of $9.9 million in gaming taxes to the state. Additionally, they allocated $14.5 million to the City of Detroit, encompassing both wagering taxes and development agreements.
Sports betting emerged as a lucrative sector, yielding $60,413 in gaming taxes for the state. Concurrently, retail sports betting activities resulted in a payment of $73,838 in wagering taxes to the City of Detroit, underlining its growing significance in the local economy.
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