Detroit casinos report 1.2% increase in revenue

Anchal Verma October 10, 2024

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Detroit casinos report 1.2% increase in revenue

Detroit’s three casinos reported a combined revenue of $101.98 million in September 2024, driven primarily by table games and slots. This shows a modest 1.2 percent increase compared to September 2023.

However, retail sports betting saw a sharp decline, highlighting a shift in the city’s gambling landscape.

Table games and slots drive Detroit’s revenue

A major portion of September’s revenue came from table games and slots, which brought in $101.23 million. This marked a modest 1.2 percent increase compared to September 2023. However, there was an 8.6 percent drop when compared to August 2024, indicating slight fluctuations in player activity.
Among the city’s casinos, MGM Grand Detroit maintained its market leadership with a 47 percent share, generating $47.68 million in revenue. This was a strong 6.6 percent rise from the previous year. MotorCity Casino followed with a 31 percent market share and a revenue of $31.17 million, showing a slight 0.5 percent growth. On the other hand, Hollywood Casino at Greektown faced challenges, seeing a 7.8 percent drop in revenue, down to $22.38 million.

Sports betting struggles

While traditional casino games performed well, retail sports betting struggled in September. The total sports betting handle reached $22.02 million, but qualified adjusted gross receipts (QAGR) fell by 52 percent year-on-year and 55.4 percent from August 2024.

MGM once again led the sports betting market, earning $601,794 in QAGR. Hollywood Casino at Greektown followed with $141,908, while MotorCity Casino saw a minimal $11,817 in sports betting revenue. This decline highlights a significant drop in betting activity across the board.

Significant tax contributions

Despite the mixed performance, Detroit’s casinos made substantial contributions to both state and local taxes. In September, the casinos paid $8.2 million in gaming taxes to the state of Michigan and an additional $12.5 million in wagering taxes and development payments to the city of Detroit.

Fantasy sports show stability

The fantasy sports sector remained stable, with operators reporting $613,448 in adjusted revenues for August 2024. This resulted in $51,530 in taxes paid, showcasing the continued popularity of fantasy sports contests.

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