Detroit sportsbooks take a hit in February amid limited capacity trading

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Detroit’s three casinos have reported $86.38m in monthly aggregate revenue during February while operating at limited capacity due to COVID-19 health concerns. Table games and slots generated $86.46m million in revenue while retail sports betting produced a $77,627 loss.

Focusing on retail sports betting revenue and taxes, Greektown Casino reported $114,814 in retail sports betting qualified adjusted gross receipts for February, while MGM recorded a $8,761 loss, and MotorCity saw a $183,680 loss.

Qualified adjusted gross receipts are gross sports betting receipts minus the monetary value of free play incentives provided to and wagered by bettors.

The casinos reported a total handle of $23,711,983, paying $4.34m in taxes to the state on retail sports betting during February. They also reported submitting $5.3m in retail sports betting taxes to the City of Detroit.

In terms of market share, MGM Grand Detroit Casino led the way with 40%, followed by MotorCity Casino on 36% and the remaining 24% taken by Greektown Casino Hotel.

Looking at table games, slot revenue and taxes, the trio’s February table games and slots revenue dropped 29% compared with February 2020 returns. Monthly revenue was down a fractional 0.4% from January results.

Compared with February 2020 results, MGM’s monthly gaming revenue declined 34.6% to $34.43m. MotorCity’s monthly gaming revenue fell 22.9% to $31.24m, and Greektown was down 27.3% to $20.79m. 

During February, the Detroit casinos paid the State of Michigan $7m in gaming taxes compared with $9.9m for the same month last year. All three reported submitting $10.3m in wagering taxes and development agreement payments to the City of Detroit during February.

Fantasy contest operators reported total adjusted revenues of $2.2m and paid taxes of $186,699 for January.