Detroit casino revenue up 8.0% YoY in March

Revenue from the three land-based commercial casinos in Detroit, Michigan increased 8.0% year-on-year to $122.9m (£94.6m/€113.5m) in March.

The Michigan Gaming Control Board (MGCB) said the rise was primarily due to the casinos operating at reduced capacity in March last year as a result of novel coronavirus (Covid-19) measures in the state.

However, it was also noted that the March 2022 figure was higher than the $94.7m posted in February of this year, representing a 29.8% month-on-month increase.

The MGM Grand Detroit led the way with a 46% market share, ahead of MotorCity Casino on 33%, then Penn National’s Greektown Casino Hotel with 21%.

Breaking down the monthly performance, table games and slots accounted for $120.9m of all revenue generated during the month, up 9.1% year-on-year and 26.5% ahead of February this year.

Table games and slots at the MGM reached $55.9m, while MotorCity posted $39.3m and Greektown $25.7m.

The three casinos paid the State of Michigan $9.8m in gaming tax during the month, as well as $14.4m in wagering taxes and development agreement payments to the City of Detroit.

Turning to sports betting and total qualified adjusted gross receipts (QAGR) for March was $1.0m, down 65.0% from March 2021 but 31.3% more than February this year.

MotorCity claimed top spot in sports betting with $718,442 in QAGR, ahead of Greektown on $664,550 then the MGM at $545,336.

The casinos processed a total of $26.4m in bets, with gross receipts at $2.0m, while $72,891 was paid in state taxes and $89,089 in retail sports betting tax to the City of Detroit.

Original Article