Detroit casinos see revenue up by 10% to $105.5M in February
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Detroit’s three casinos have reported their February financial results, showing $105.5 million in monthly aggregate revenue. Table games and slots generated $105 million, a 9% increase from the same period last year, while retail sports betting produced $458,752. Overall revenue increased by almost 10%.
As reported by the Michigan Gaming Control Board, market shares during February were 47% for MGM Grand Detroit, 30% for MotorCity Casino, and 23% for Hollywood Casino at Greektown.
Monthly table games and slots revenue rose 9.8% compared with February 2022 results. Meanwhile, revenue increased by 1.6% compared with January's results of $103.4 million.
Compared with the same period last year, monthly gaming revenue rose 8.2% to $50.1 million at MGM and 7.9% to $31.2 million at Motor City Casino. Hollywood Casino at Greektown reported $23.7 million monthly revenue for a 16.9% gain compared to February 2022 results.
During the second month of the year, the three Detroit casinos paid $8.5 million in gaming taxes to the State of Michigan, compared with $7.7 million for the same month last year. The three casinos also reported submitting $12.5 million in wagering taxes and development agreement payments to the City of Detroit during February.
Retail sports betting qualified adjusted gross receipts (QAGR) for February increased by $1.3 million compared with February 2022 results, which were negative.QAGR also rose by $347.729 million when compared with January results.
Total gross receipts were $475,913,and total handle was $12.2 million. State taxes from sports betting at the Detroit casinos were $17,341 compared with zero collected for the same month last year when the casinos reported negative QAGR.
During January, fantasy contest operators reported total adjusted revenues of $2.9 million and paid taxes of $244,698.
