Detroit casino revenue up 2.6% to $103.5m in January

15 February 2023

Detroit casino revenue up 2.6% to $103.5m in January

Although it was 5.8% lower than $109.9m in December of previous year, total income for the month came to $103.5m, an increase over $100.9m in January 2022.

The vast majority of January's $103.4m in revenue, an increase of 4.4% year-on-year, came from table games and slots.

But in January, qualified adjusted gross receipts (QAGR) from retail sports betting dropped 94.3% to $111,023, and two of the three casinos actually lost money on this.

As of this writing, the land-based casino market share in Detroit, Michigan, is 48% at MGM Grand Detroit, 30% at MotorCity Detroit, and 22% at the Hollywood Casino in Greektown.

When we look at the individual operators' results, we see that MGM made $50.2 million from gaming but lost $62,725 on sports betting.

Greektown's gaming revenue was $22.9 million, with a sports betting QAGR of $62,755 being negative, compared to MotorCity's $30.3 million.

In January, the three casinos sent $8.4 million to the Michigan state coffers and $16.3 million to the Detroit development agreement and wagering funds.

State taxes for sports betting came to $8,940, while the City of Detroit received $10,926 in wagering taxes.