Detroit casinos post casino win down nearly 9% to M in June, but revenue up year-to-date

Detroit casinos post casino win down nearly 9% to $98M in June, but revenue up year-to-date

As reported by the Michigan Gaming Control Board, the three Detroit casinos in June reported $98.6 million in monthly aggregate revenue, with table games and slots making $98.2 million in revenue, and retail sports betting producing $448,703. The figure is down 8.8% year-on-year from the $108 million in revenue in June 2021, and down from the previous month, having posted $108 million as well in May 2022.

The casinos’ table games and slots monthly revenue fell 7.2% when compared to June 2021, while also down 7.6% when contrasted with May’s numbers. However, table games and slots revenues were up 5.2% for the first six months of the year, when compared with the first half of last year. 

MGM had the highest monthly market share with 49% in June, followed by MotorCity with 34% and Hollywood Casino at Greektown with 17%. Gaming revenue results were mixed compared with June 2021. MGM was up by 4.3% to $48.34 million. Meanwhile, MotorCity was down 9.8% to $33.51 million; and Hollywood Casino at Greektown dropped 26.6% to $16.35 million. 

The three Detroit casinos paid $8 million in taxes to the state of Michigan during the sixth first months of the year, compared to $8.6 million for the same period last year; and reported submitting $11.7 million in wagering taxes and development agreement payments to the City of Detroit.  

A rise was perceived when it comes to the second quarter aggregate revenue, by a fractional 0.04% for the three properties, compared with Q2 2021 results. Gaming revenue for MGM was $155.1 million, up 14.3%. For MotorCity, a 9.3% decrease was reported, taking the casino’s final numbers to $104.5 million. Hollywood Casino at Greektown also saw a decline of 12.1%, leaving the property’s figures at $61.7 million. The three casinos paid $26.03 million in second quarter gaming taxes during Q2.

Retail sports betting qualified adjusted gross receipts were $448,703 in June, falling 80.5% compared with June 2021 results of $2.3 million, while also down 81.2% from the $2.4 million reported in May. The properties reported total retail sports betting handle of $22 million and total gross receipts were $462,215. 

The state received $17,802 in retail sports betting taxes from the three Detroit casinos. The three Detroit casinos also reported submitting $21,758 in retail sports betting taxes to the City of Detroit.