Detroit casinos have reported a July monthly aggregate revenue of $107.2m, an 8.72% improvement on the previous month (June: $98.6m) but an 8.29% decline year-over-year (2021: $116.9m).
According to the Michigan Gaming Control Board (MGCB), out of Detroit’s three casinos, MGM continued to hold the biggest monthly market share at 48% during the month, followed by MotorCity at 33%, while Hollywood Casino at Greektown came in third at 19%.
Per vertical, table games and slots produced $105.9m during the month, a 7.9% increase on the previous month, but an 8.4% drop YoY (2021: $115.7m). Through July 31, table games and slots revenue has grown by 3% compared to the first seven months of last year.
At all three Detroit casinos, monthly gaming revenue results have declined YoY. MGM is down 4.7% YoY to $51.2m (2021: $53.8m), MotorCity has decreased by 9.6% YoY to $34.8m (2021: $38.5m) while Hollywood Casino at Greektown has fallen by 15% YoY to $19.9m (2021: $23.4m).
During July, $8.6m was paid by the three casinos in wagering taxes to the State of Michigan (2021: $9.4m). They also submitted $12.6m to the City of Detroit in wagering taxes and development agreement payments.
Meanwhile, retail sports betting only contributed $1.3m in qualified adjusted gross receipts (QAGR) towards July’s revenue totals, an 189.7% gain on June’s numbers ($448,703) as well as an 8.33% rise YoY (2021: $1.2m).
Retail sports wagering’s total handle for the month stood at $18.86m, a 3.2% increase YoY (2021: $18.27m), and total gross receipts of $1.3m.
Per casino, MGM reported $807,710 in July retail sports betting QAGR (2021: $136,948), followed by MotorCity with $238,320 (2021: $637,681), and Greektown with $212,205 (2021: $437,203).
Detroit casinos sent $47,561 in retail sports betting taxes to the state, while also submitting $58,130 in retail sports betting wagering taxes and development agreement payments to the city.
Hollywood Casino at Greektown leads the way in year-to-date retail sports betting QAGR through July with $4.3m, followed by MotorCity with $2.4m, and MGM with $2.3m.
In June, fantasy contest operators declared $1m in total adjusted revenues, paying $84,062 in taxes. For the first six months of the year, fantasy contest operators registered $7.4m in adjusted revenues and paid $622,691 in taxes.
Detroit casinos’ licenses renewed
During a public meeting on Tuesday, the MGCB also voted unanimously to approve the one-year renewal of the licenses for the city’s three casinos.
Three votes are required by law in support of final determinations of the board on applications for casino licenses.
Henry Williams, MGCB Executive Director, commented: “A casino license is a privilege granted by the State of Michigan. Board members and agency staff take seriously our responsibilities when reviewing this privilege each year as required by law.”
The casino license application process and information applicants must submit to the MGCB was established by the Michigan Gaming Control & Revenue Act.
When determining whether to grant a license, the MGCB must consider each casino operator’s integrity, moral character, and reputation; business probity; financial ability and experience; and compulsive gambling programs adopted and implemented.