Detroit Casino Results Decline in August, Remain Fairly Resilient

The three Detroit casinos reported monthly aggregate revenue of $106.14 million for the month of August 2022. The results were driven by slots and table games in the casinos with the total revenue from these two segments reaching $104.48 million while sports betting bringing in another $1.66 million in revenue for the surveyed period.

Once again, MGM managed to pull ahead, accounting for 48% of the total revenue, followed by MotorCity with 31% and Hollywood Casino at Greektown bringing up the rear with 21%.

Gaming Takes a Hit, Sports Betting Makes Recovery

Slots and table games revenue was down 6.9% during the month of August on annual basis. Revenue was also generally down from this year’s July results. Nevertheless, the year-to-date results through August 31 for the table games and slots gaming revenue were actually up 1.7% from the same eight-month period in 2021.

Looking at specific year-over-year results, though, all three casinos posted weaker results when compared to August 2021. MGM’s results were down 3.7% to $50.31 million, MotorCity was down 11.5% to $32.33 million and Hollywood Casino at Greektown was down 6.7% to $21.84 million.

This resulted in $8.5 million paid in gaming taxes to the state, down from the $9.1 million paid in August 2021. Even though sports wagering was still down, it was 32.2% better when compared to July’s results. Based on qualified adjusted gross receipts, the three casinos collected $701,876 for MGM, $382,147 for MotorCity, and $578,830 for Hollywood Casino at Greektown.

Total receipts from sports betting amounted to $11,003,753, the casinos said. Retail sports betting gaming taxes paid to the State of Michigan were $62,856, higher than in August 2021, the official report by the state said. Year to date, the three casinos have generated $3 million from sports betting for MGM, $2.8 million for MotorCity, and $4.9 million for Hollywood Casino at Greektown.

“The Michigan Gaming Control Board shall ensure the conduct of fair and honest gaming to protect the interests of the citizens of the State of Michigan,” the state said in a publication outlining the most recent results.

Leave a Reply

Your email address will not be published.