MGM Grand Detroit, Hollywood Casino at Greektown and MotorCity Casino, aka Detroit’s 3 licensed casinos, announced that they managed to collect $123.86m in monthly gross income for the previous month, i.e. March of this year. However, this figure represents their highest monthly gaming income collected in more than 4 years and their greatest March since 5 years ago, aka 2019.
Revenue and tax data for table games and slots:
According to the data provided by the Michigan Gaming Control Board, of the aforementioned total, $1.6m were collected from retail sports wagering and $122.26m were collected from table games and slots. In terms of market shares, the figures are as follows: Hollywood Casino at Greektown 23%, MotorCity 31% and MGM Grand Detroit 46%.
Relatedly, the income generated from table games and slots grew by 3.8% in contrast with the income from March of the previous year. Additionally, monthly income for March risen by 16.7% compared to February of the current year. However, when calculated for the entire first quarter of the current year, income from table games and slots from the mentioned casinos recorded a drop of 1.6% from the same time frame in 2023.
Monthly casino gaming income results were different from March of last year, meaning Hollywood Casino at Greektown experienced a drop of 1.4% to $27.26m, MotorCity Casino saw an increase of 7.2% to $38.35m and the MGM Grand Detroit saw a 4.1% increase to $56.65m.
Regarding taxes for March of this year for casinos, they totaled $9.9m that they paid to the Great Lakes State. In addition, last year’s tax payment was $9.5m also for March. Another announcement by casinos is that they handed over $14.5m to Detroit to pay for the development agreement and betting tax.
Revenue and tax data for retail sports wagering:
In terms of income collected from retail sports wagering, the aforementioned casinos collected $17.25m in overall sports wagering handle and $1.61m in overall gross revenue for March. Qualified adjusted gross receipts (QAGR) of retail sports wagering increased by 13.2% in contrast to March 2023.
However, when comparing February and March 2024, the QAGR in March saw an increase of $1.7m compared to February. Details of the March’s QAGR by casino are:
- Hollywood Casino at Greektown: $731,389
- MotorCity: $538,988
- MGM: $327,857
On the tax front, the casinos revealed they handed Detroit $73,838 in betting taxes, which are based on income collected from retail sports wagering. Additionally, they paid $60,413 in gambling taxes to Michigan.
Moreover, regarding fantasy contest, operators of the fantasy contest revealed that an overall adjusted income reached $405,342 during February 2024. In terms of taxes, they paid $34,049, according to the official press release.
