Revenue At Detroit’s Trio Of Casinos Nearing Pre-COVID Baselines

MGM Grand, MotorCity, and Greektown see numbers that are almost back to normal
covid highway
Facebook
Twitter
Email

If there’s a phrase that comes to mind when looking at the July revenue reports for the trio of Detroit casinos, it’s this: back to normal.

Consider: Table games and slot revenue for the MGM Grand Detroit, MotorCity Casino Hotel, and Greektown Casino-Hotel for July totaled $115.7 million, according to the Michigan Gaming Control Board. Roll the calendar back to July 2019 for comparison — the casinos were closed in July 2020 due to COVID — and the revenue number was $119 million.

Clearly, while $115.7 million is less than $119 million, it’s also equally clear that despite the existence of both the coronavirus and the ability now to play table and slot games online, plenty of people are more than ready to head back to the ching-ching-ch-ching of the casino floor.

The July revenue number was 9.3% higher than the June number, so the trendline is certainly pointing in the right direction.

As for each casino, MGM Grand recorded $53.8 million in revenue for a 46% market share, MotorCity clocked in at $38.5 million for 34% of the market, and Greektown brought up the rear at $23.4 million in July revenue, good for 20% of the market share.

The three Detroit casinos paid $9.4 million in gaming taxes to the state of Michigan during July, and they reported paying $13.8 million in wagering taxes and development agreement payments to the city of Detroit.

Sports betting numbers

On the retail sports betting front, the three casinos had a handle of $18,272,783 and total gross betting receipts of $1,211,857, for a hold of 6.6%

MotorCity paced the field in gross betting receipts with $637,681, followed by Greektown at $437,203, and MGM took in $136,948.

The three Detroit casinos paid $45,807 in state taxes on retail sports betting during July. They paid an additional $55,987 in retail sports betting taxes to the city of Detroit.

On the daily fantasy front, the numbers lag a month, but for June, the fantasy contest operators reported adjusted revenue of slightly more than $1.3 million and they paid $110,245 in taxes.

Photo: Shutterstock

Facebook
Twitter
Email

Related Posts