Detroit Casinos Report A Relatively Robust Brick-And-Mortar March

With revenue over $113 million despite capacity restrictions, Detroit's three casinos are starting to see light at the end of the tunnel.
light tunnel
Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email

Well, this March was a lot better than last March for the Detroit casinos.

Despite continued capacity restrictions, the three casinos reported $113.84 million in aggregate revenue for the month, which was 93% higher than March 2020 when the casinos were forced to close down due to COVID-19 halfway through the month.

On the retail sports betting side — and this number only consists of live, in-person wagering, not online wagering (those numbers will be released next week) — the three casinos reported $2.97 million in gross receipts, with MotorCity leading the way at $1.28 million, followed by MGM at $868,206, and Greektown at $825,479.

Total handle for the month was $24.2 million, making the hold for the month a robust 12.2%.

The state received $112,272 in taxes on the sports betting revenue, and the three sportsbooks added $137,221 in taxes to the city of Detroit.

For the year thus far, MotorCity is leading the pack with $2.7 million in adjusted gross receipts on sports betting, followed by Greektown at $2.6 million, and MGM bringing up the rear at $1.7 million.

Tables and slots thrive

On the table and slot side, MGM paced the casinos with $43.2 million in revenue, followed by MotorCity at $42 million, and Greektown at $25.6 million.

Overall, the three Detroit casinos saw their revenue rise over 28% compared to February’s numbers.

On the tax side in March, the trio of casinos paid $9 million to the state of Michigan on their table and slot revenue, and another $13.2 million to the city of Detroit.

For the quarter ending March 31, aggregate revenue was “only” off by 5.1%, which should be counted as a major victory for the casinos. In fact, MotorCity’s revenue actually rose by 3.7% compared to the first quarter of last year.

On the daily fantasy side, the operators reported slightly more than $1 million in revenue, with $87,004 in taxes being paid out.

When it came to overall market share for the month of March, MGM led the way with 39%, followed by MotorCity at 38% and Greektown at 23%.

Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email

Related Posts