- Legal States
Eva Ivanova June 9, 2021 3 min read
Detroit Casinos with $109.7 Million Revenue in May
Detroit casinos have reported $109.7 Million Revenue in May, reporting a significant recovery with only 15% less from slots and table games compared to the same period in 2019.
Detroit Casinos with a Serious Outlook Towards Recovery
Even though Detroit casinos have operated at a limited capacity in May, they have recorded an aggregate revenue (amounting to almost $109.7 million). Michigan Gaming Control Board released the numbers on Tuesday.
In May, table games and slots generated around $107.9 million in revenue, while retail sports wagering, which became legal in 2020, generated $1.75 million. The results are similar to April this year when three facilities recorded revenue of almost $109 million.
These months are incomparable to the corresponding period last year because casinos were closed due to the pandemic-relating health restrictions then. However, in May 2019, the casinos reported $125.8 million in aggregate revenue from slots and table games when they were fully operational.
Even though there are still capacity limits due to restrictions, casinos have reported only 15% revenue from slots and table games compared to the same time in 2019, which is a signal that the industry is recovering.
Later this month, the state will reveal the monthly revenue results from online gambling and sports wagering, which launched in the state in January.
MGM Grand Detroit With the Biggest Market Share
MGM Grand Detroit brought in the most net revenue with $46.2 million and a market share of 42%. MotorCity Casino Hotel came in second, reporting $38.2 million, with a 36% market share, and Greektown Casino reported $23.6 million with 22%.
Together, the casinos paid a total of $8.7 million in gaming taxes to the state in May and submitted $12.8 million in betting taxes along with development agreement payments to the city. The casinos reported a total retail sports wagering handle of almost $20.2 million and total gross receipts of $1.7 million.
The venues paid $66,096 together in retail sports wagering taxes to the state and $80,784 to the city.
BetMGM Became Official Gaming Partner of Detroit Tigers
In March, BetMGM became the official gaming partner of the Detroit Tigers, entering a multi-year sponsorship agreement. Under the deal, BetMGM, owned by MGM Resorts and Detroit Tigers, part of the Major League Baseball (MLB) franchise, will create customer-oriented marketing promotions, social media content integration, and other initiatives. The collaboration is part of BetMGM’s growth strategy in professional sports.
Comerica Park, which is the home of the Tigers, is located in the District of Detroit. It will feature BetMGM out-of-town scoreboard and speed pitch LED board.
Eva is a PR specialist and communications expert with ten years of experience in campaign organizing and creative writing. She is also a published author of fictional stories. Eva recently developed an interest in economics and the gaming industry after discovering the inspirational story of Molly Bloom.