Detroit casinos report 2.9% year-on-year revenue increase to $101.5M in June
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The three land-based casinos in Detroit, Michigan have reported a 2.9% year-on-year increase in revenue for June, bringing in a total of $101.5 million. This figure represents a$2.9 million increase compared to the same period in 2022 when the casinos achieved $98.6 million in revenue. However, it is worth noting that June's figure shows a3.9% decline compared to May's revenue.
MGM Grand Detroit emerged as the market leader for the month, capturing 46% of the casino sector in the city. Following MGM were MotorCitywith 32% and Hollywood Casino at Greektown with a 22% share of the land-based market.
Table games and slots accounted for the entire month's revenue at $101.9 million, marking a 3.8% year-on-year increase from June 2022. However, on a monthly basis, this total represents a 2.7% decline compared to May's revenue. In the six-month period leading up to June 30, table games and slots witnessed a 0.9% increase compared to H1 2022.
The three casinos paid$8.3 million in taxes to the Great Lakes State in June, a 3.8% increase compared to the $8 million paid by the businesses last year. Additionally, the land-based casinos contributed $12.1 million in wagering taxesand other payments to the City of Detroit in June.
However, the retail sports betting segment experienced a setback in June due to a significant customer win at MotorCity Casino, which resulted in negative revenue of $395,606 overall for the month.
The drop was driven by a player securing a $972,000 win on June 18. Compared to the previous month, retail betting receipts declined by $1.3 million. When compared to the same month last year, receipts dropped by $844,308.
Breaking down retail sports betting revenue by casino, MGM reported $30,010, MotorCity suffered a loss of $708,625, and Hollywood Casino at Greektown generated $283,009 in revenue. As for retail sports betting handle, the casinos saw a combined $8.1 million in June.
For June, the three Detroit casinos paid $11,832 in taxes to the state and an additional $14,462 to the City of Detroit based on their retail sports betting revenue.
