The Michigan Gaming Control Board reported $101.8 million in combined revenue from casino gaming and sports wagering for November on Tuesday, a slight decline compared to October.
Casino gaming revenue totaled $99.9 million from Detroit’s three venues for November, a dip of 0.8% versus the $100.7 million from October and 3.8% off the $103.9 million generated in November 2021. It was the first time since June that casino revenue fell below $100 million and the fourth time this year it failed to reach that benchmark.
Adjusted sports wagering revenue at the three locations was $1.9 million, down 11.1% compared to October — in part due to a 23% decline in handle to $18.1 million. Year-over-year revenue plunged 57%, as handle fell 32.1% and the 10.3% hold this year was nearly six full percentage points lower compared to 2021, when MGM Grand Detroit, MotorCity, and Greektown posted a 2021-best $4.3 million in winnings.
The state received $8.1 million in tax receipts from casino gaming, lifting that total for the year to just over $93 million. The city of Detroit’s share was $12.4 million, raising the 2022 total to $142.7 million. The state’s share of retail sports betting receipts for November was $70,000, while Detroit claimed $86,000.
Casinos: Greektown and MGM up, MotorCity down
Greektown Casino had the largest month-over-month increase in revenue among the three venues, with the $23.2 million representing a 5.7% increase compared to October. It was also a modest 2.9% improvement versus the $22.5 million claimed in November 2021.
MGM Grand Detroit inched 0.7% higher to a state-leading $46.7 million, but that was also 3.3% off its November 2021 haul of $48.3 million. Its total for this November was also 17.7% lower than its 2022 high-water mark of $56.8 million.
MotorCity reported a decline of 7.3% compared to October, as it barely finished above $30 million for the month. That total was 9.1% lower than the $33 million for the comparable month last year.
Overall, the more than $1.1 billion in combined casino gaming revenue from the three Detroit locations for 2022 was 0.6% lower than the comparable period last year. The $93 million in state taxes generated is less than $550,000 off last year’s pace, while the $142.2 million in city taxes is $480,000 below the total for the first 11 months of 2021.
Sportsbooks: Greektown drags down revenue
Bettors kept Greektown Casino in check during the month of November, limiting the Barstool Sportsbook-run venue to a 5.4% hold and knocking its month-over-month revenue down 55.3% to $315,000 from $5.8 million worth of accepted bets. MGM Grand edged out MotorCity’s FanDuel-powered sportsbook for top revenue honors for the month by just over $20,000.
MGM Grand, which also took the top handle spot at $7.6 million, posted a 10.6% win rate to amass $810,000 in revenue. MotorCity easily posted the best hold of the trio at 16.8% to claim $790,000 from $4.7 million wagered. MotorCity also surpassed $20 million in all-time gross revenue with November’s numbers.
In terms of full year-over-year numbers, the combination of a notable drop in handle and improved performance by the betting public has created steep declines. The $247.7 million in accepted wagers is down 11.7% versus 2021, but the win rate being a more pedestrian 7% — considered the industry standard, yet more than two full percentage points lower than 2021 — has led to revenue plummeting 33.5% to $17.2 million.
The state’s tax haul of $685,000 is about $300,000 lower than the first 11 months of 2021, while the $835,000 allocated to Detroit is nearly $370,000 off last year’s pace.
The MGCB also reported that the six fantasy sports sites operating in the Wolverine State combined for close to $1.8 million in revenue for October, up 17.6% from September and 0.7% compared to October 2021. DraftKings accounted for more than half that total with just over $901,000, and it combined with FanDuel and PrizePicks to account for nearly 99% of revenue generated.
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