MGM Grand powers Detroit casino revenue growth in January
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The increase was thanks in part to the fact that land-based casinos in Michigan operated at limited capacity in January 2021 due to rules intended to stop the spread of Covid-19.
Just under half of this revenue came from MGM Grand Detroit, which brought in $48.7m, which was 43.3% more than the casino took in during January of 2021.
Revenue from Greektown Casino, operated by Penn National Gaming, grew more slowly, by 4.1% to $20.5m.
At MotorCity Casino, meanwhile, revenue declined by 9.9% to $29.9m.
Of the $100.9m total, $99.0m came from slots and table games, while the remaining $1.9m came from retail sports betting. This sports betting figure was 52.4% less than in January 2021, despite handle ticking slightly upwards to $35.9m.
Greektown Casino brought in the largest share of sports betting revenue, with $929,796 at its Barstool retail sportsbook. This was followed by $521,493 from MotorCity and MGM Grand’s $481,785.
The three casinos combined to contribute $11.8m in wagering taxes and development agreement payments to the city of Detroit during the month.
The state of Michigan received $73,070 in retail sports betting taxes from the casinos, while the city of Detroit received $89,308.
In addition, the Michigan Gaming Control Board announced that fantasy contest revenue for 2021 came to $16.2m, while operators paid the state $1.4m in fantasy sports taxes.
Yesterday (14 February), the Gaming Control Board said that the state’s betting sector has quadrupled its contribution to the state’s horse racing industry through taxes during the first full year of expanded gaming, with $8.1m collected in 2021.
