Detroit casino revenue rises when sports betting falls

Detroit casino revenue rises when sports betting falls

Posted by: AffPapa

In October, sales at Detroit’s three commercial casinos increased by 12 percent year over year. However, retail sports betting contributed far less.

MGM Grand Detroit, MotorCity Casino, and Penn National’s Greektown Casino-Hotel combined for $114.1 million in revenue, a 3.6 percent rise over September 2021 and a 12.5 percent increase over October 2020. This was after the Covid-19 shutoffs when the resources were operating at 15% efficiency.

Slots and table games accounted for a sizable amount of the hotel’s earnings, which totaled $111.5 million, an 18.9 percent increase compared to the previous year and a 4.2 percent increase over the previous month. MGM Grand’s revenue increased by 39.4 percent to $52.7 million in October 2020, compared to October 2020. MotorCity retained its lead over Greektown, despite a minor gain in slots and table games, which grew by only 1.8 percent to $36.9 million. Greektown, on the other hand, increased by 10.8 percent to $21.9 million.

The three properties contributed $9 million in gaming taxes to the state of Michigan, compared to $9 million the previous year. During the month, the City of Detroit added an unexpected $13.8 million in gaming taxes and development agreement payments.

While casino gambling revenue surged considerably, retail sports betting revenue plummeted. Regardless of the fact that retail gambling was the only legitimate method of sports betting in October 2020, qualified modified gross revenues decreased 65.2 percent to $2.6 million, with online betting commencing in January 2021.

MGM Grand won the market once again, with $1.4 million in sales, backed by MotorCity ($671,009) and Greektown ($588,847). At the three properties’ sportsbooks, users bet $34.2 million.

The state received $99,977 in taxes, with an extra $122,194 sent to Detroit. With $7.4 million in sales for the financial year ended October 31, MotorCity currently holds the largest market share. Greektown finished in second with $7.0 million, backed by MGM Grand with $7.1 million.

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