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In May, the three casinos in Detroit reported a total revenue of $105.6 million, which represented a 2.9% decrease compared to the same month the previous year. The majority of this revenue, amounting to $104.7 million, was generated from table games and slots. However, the monthly revenue from table games and slots also experienced a slight decline of 1.4% compared to May 2022.
Retail sports betting across the three casino locations in May 2023 fell short of the previous year, bringing in only $893,732 compared to $2.4 million in May 2022. Sports betting handle, which refers to the total amount wagered, reached $16.9 million, with a gross receipts total of $921,268. However, qualified adjusted gross receipts (QAGR) in sports betting decreased by a significant 62.6% compared to last year.
Operators of fantasy contests in Michigan posted a total adjusted revenue of $2.1 million, while fantasy sports operators paid $747,830 in taxes from January to April 2023.
Among the three casinos, MGM Grand Detroit led in monthly gaming revenue, bringing in $49.3 million. However, this represented a 1.4% decrease compared to the previous year. MotorCity Casino Hotel experienced a drop in revenue to $32.1 million, while Hollywood Casino at Greektown saw an increase of 7.4% to $23.3 million.
In terms of tax revenue, the State of Michigan received $8.5 million in taxes in May, slightly down from $8.6 million the previous year. Additionally, $12.5 million in wagering taxes and development agreements was paid to the city of Detroit during the same month. Overall, the casino industry in Detroit faced some revenue declines in various sectors compared to the previous year, while also experiencing some fluctuations in revenue among the individual casinos.
IGT Selling AssetsIGT is considering selling off its gaming and digital content business to focus on its core lottery arm. The potential sale includes its global land-based casino games business, […]
