Detroit casinos report decline in September revenue YoY to $103.4m

Detroit’s three casinos have published their financial results for September, declaring a total monthly aggregate revenue of $103.4m.
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Detroit’s three casinos have published their financial results for September, declaring a total monthly aggregate revenue of $103.4m, down on the previous month’s and the previous year’s totals (August: $106.1m, 2021: $110.4m).

Per casino, MGM continued to hold the biggest market share with 48%, followed by MotorCity with 31%, and Hollywood Casino at Greektown with 21%.

Detroit casinos table game and slots revenue drops

According to the Michigan Gaming Control Board, $100.8m of the total revenue for the month came from table games and slots, a 3.5% decline on the prior month (August: $104.48m) as well as a 5.7% drop year-over-year (2021: $106.9m).

Per property, MGM revenue for the vertical was up 0.01% YoY to $48.4m, MotorCity was down 14.2% YoY to $31.3m, while Hollywood Casino also fell by 4.3% to $21.1m.

The three casinos paid $8.2m in gaming taxes for September to the State of Michigan (2021: $8.7m), while also submitting $12.5m in wagering taxes and development agreement payments to the City of Detroit.

Retail sports betting QAGR improves

Retail sports betting generated the remaining $2.6m in revenue (qualified adjusted gross receipts – QAGR) for September, up 56.3% on the previous month (August: $1.7m), but down 24.9% YoY (2021: $3.5m). The three casinos reported a total handle of $18,580,437.

Per property, MGM generated the most QAGR with $1,007,935, followed by MotorCity with $822,534, and Hollywood Casino with $768,912.

The three casinos paid a total of $98,257 in retail sports betting taxes for September to the State of Michigan (2021: $130,885), while also submitting $120,091 to the City of Detroit.

For August, fantasy contest operators reported total adjusted revenues of $1.2m and paid taxes of $100,964.