Michigan Posts the May Results of Its Detroit Casinos

The Michigan Gaming Control Board posted an update on the performance of the three Detroit casinos in May. The overall revenue experienced a slight decline.

The regulator noted that the three casinos earned a total of $105.6 million in monthly aggregate revenue. The MGM casino performed the best out of the three, posting a market share of 47%. MotorCity was second with 31%, followed by Hollywood Casino at Greektown with 22%.

Table games and slots were responsible for most of the total revenue ($104.7 million). This represents a slight 1.4% year-on-year decrease and a 4.5% month-on-month decrease.

Despite being last in terms of overall market share, Hollywood Casino at Greektown was the only property to record an increase in monthly gaming revenue. The property posted revenue of $23.3 million, up 7.4% from May 2022.

MGM, on the other hand, experienced a 1.4% decline to $49.3 million. Meanwhile, MotorCity’s revenue plummeted to $32.1 million, which translates to a decline of 7.1%.

The State of Michigan collected a total of $8.5 million in taxes from the three casinos, which is a very slight decrease from the $8.6 million they paid in May 2022. In addition, the properties submitted $12.5 million in betting taxes and development agreement payments to the City of Detroit.

Sports Betting and Fantasy Sports Are Still Lagging Behind Casino Gaming

Retail sports betting recorded revenue of under a million ($893,732). The disparity between the casino and betting revenues is in line with the trends recorded in February.

The revenue came from a sports betting handle of $16,936,055. Total gross receipts, the Michigan Gaming Control Board added, were $921,268.

Qualified adjusted gross receipts (QAGR) were up $773,382 from April but 62.6% down on May 2022. MGM outranked its competitors in terms of QAGR, posting $470,510, followed by MotorCity and Hollywood Casino at Greektown with $395,677 and $27,545 respectively.

These retail betting results translated into taxes of $33.783 to the state and $41,290 to the City of Detroit.

Finally, the Michigan Gaming Control Board reported that fantasy sports operators reported total adjusted revenues of $2.1 million. They also paid $175,204 in taxes.

The regulator concluded that from January 1 through April 30, fantasy contest operators reported $8.9 million in aggregate adjusted revenues. They have, so far, paid $747,830 in taxes.

The revenue of Detroit’s casinos has been fluctuating and experiencing periodical changes.