Casinos in Detroit Post Disappointing Results for January

The results posted by Detroit’s three casinos in January marked one of the worst figures for the last decade, with the exception of the period during the pandemic. Data released by the gambling regulator in Michigan, the Michigan Gaming Control Board (MGCB), reveals that the total casino gaming revenue reported by the city’s three casinos last month halted at $93.9 million.

Month-over-month comparison to December 2023 when the revenue hit $111.4 million shows that in January, the casino revenue plummeted by 15.7%. Not unexpectedly, a year-over-year (YoY) comparison also showed a drastic decrease. In January 2023, the revenue reported by Detroit’s three casinos hit $103.4 million. This otherwise means that the revenue last month decreased by more than $10 million year-over-year.

Last month, Michigan collected $7.6 million in taxes based on the revenue reported by the three casinos in Detroit. Compared to December, taxes were approximately $1.4 million less, considering that back then, the tax revenue hit $9 million. Similarly, year-over-year, the tax revenue decreased, considering that in January 2023, it hit $8.4 million.

All Three Casinos Report a YoY Revenue Decrease

A breakdown of the total revenue showed a decrease month-over-month for all three Detroit casinos. The highest share of the revenue in January was reported by MGM Grand, a total of $44.6 million. This result translated to $3.6 million in taxes.

Comparison to December shows that the revenue was down by more than $5 million, considering that MGM Grand reported $50.6 million at the time. Similarly, the venue posted a decrease in its revenue year-over-year when compared to the January 2023 result of $50.2 million.

The second-highest revenue was reported by Motorcity Casino. In total, the casino reported $27.1 million in casino revenue, raising $2.2 million in state tax. While the tax revenue was roughly on par when compared to the $2.8 million result from December, the revenue took a hit. In December 2023, Motorcity Casino posted $34.7 million in total revenue, a result that was nearly $8 million more than the January figure.

In line with previous months, Greektown Casino posted the lowest revenue. The brick-and-mortar venue reported $22.2 million in casino revenue for January. The result marked a decrease when compared to the $26.1 million figure from December but was relatively in the same ballpark when compared to the $22.9 million in revenue posted in January last year. The reported tax last month by Greektown Casino was $1.8 million.