Detroit Casinos Report Almost $100 Million Revenue in January

Detroit Casinos Report Almost $100 Million Revenue in January

Casino News Gambling News

Last updated on February 17th, 2024 at 02:02 pm

Three Detroit casinos – MotorCity Casino, Hollywood Casino at Greektown, and MGM Grand Detroit – reported total revenues of $994.4 million for January. It was the lowest monthly total in more than 18 years.

Retail sports betting contributed $500,221, while table games and slots contributed $93.9 million. Monthly market shares were 48% for MGM, 30% for MotorCity, and 22% for Hollywood Casino in Greektown.

According to bookie pay per head sources, revenue from table games and slots fell 9.1% in January 2024 compared to the same month in 2023. Also, compared to December 2023, January’s monthly income was 15.7% lower.

Each of the three casinos’ monthly gaming earnings fell short of what they had in January 2023. Hollywood Casino in Greektown had a 2.9% decline, reaching $22.2 million, while MGM suffered a decrease of 11.3% to $44.6 million and MotorCity a decline of 10.4% to $27.1 million.

Detroit Casinos Revenue Report

Detroit Casinos Report Almost $100 Million Revenue in JanuaryAccording to pay per head reviews and news sites, three casinos in Detroit sent $7.6 million in gaming taxes to Michigan in January. Comparatively, they spent $8.4 million in the same month of the previous year. Moreover, the casinos reportedly paid the City of Detroit $11.2 million in wagering taxes and development agreement fees in January.

In January, the casinos claimed $24.2 million in retail sports betting handle, with total gross receipts reaching $520,988. Qualified adjusted gross revenues (QAGR) from retail sports betting in January increased by $389,197 compared to the same month in the previous year. In January, the QAGR was $4.3 million lower than in December 2023.

Operators of fantasy contests reported $484,140 in total adjusted revenues for December 2023 and paid $40,668 in taxes.

Operators of fantasy contests reported $21.8 million in total income (after adjusting for fantasy contests) and paid $1.8 million in taxes for January through December 2023. Also, people who want to open a sportsbook must undergo strict vetting.

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