Detroit’s three casinos reported $125.2 mm in gross gaming revenue during April, the Michigan Gaming Control Board reported Tuesday.
The result was a 0.8% increase over April 2018, so, effectively, a flat month. In a month-over-month comparison, which isn’t very useful but MI Bets is going to give it to you anyway, revenue was down 10.9%. The casinos won a combined $140.3 mm from slots, table games, and poker in March, a new single-month record for the properties.
Through the first four months of 2019, gaming revenue is up 1.6% for the Detroit casino market.
Individual casino performances
MGM and Greektown, which yesterday received regulatory approval to be sold, both saw their respective winnings increase in a year-over-year comparison.
MGM revenue was up 2.3% to $52.4 mm, while Greektown’s monthly revenue of $29.3 mm was up 0.4%.
MotorCity’s win of $43.5 mm was down 0.5%.
Here’s a look at the market shares last month.
- MGM: 42%
- MotorCity: 35%
- Greektown: 23%
As for taxes, the casinos paid $10.1 mm to Michigan based off April winnings. They also handed over $14.9 mm to Detroit. The effective tax rate is about 19%.
Gaming expansion on tap
A Michigan sports betting bill could be unveiled in a matter of days, which comes as the state moves toward allowing online casino gaming. Both are expected to pass into law.
The Detroit casinos are eyeing sportsbooks sometime during the upcoming NFL season. Michigan has the potential to see an annual sports betting handle of more than $7 billion.
Online casino gaming is also expected to be an industry that will generate several hundred million in annual taxable gaming revenues, like it does in New Jersey.
The new offerings could dramatically grow Michigan’s existing $1.44 billion commercial gaming market.
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