Detroit Casinos See Earnings Decline in April
Gambling houses in Detroit experienced a decrease in earnings in April, falling to $109.4 million, a reduction of 11.7% from March.
Detroit’s commercial gambling establishments witnessed a year-on-year reduction in earnings in April, with all three locations in the Michigan city also experiencing a month-on-month decline.
Total earnings for Detroit casinos amounted to $109.4 million (£86.8 million/€101 million), slightly lower than the $109.7 million recorded in April 2023.
Of this total, $107.9 million originated from table games and slot machines, representing a 1.6% year-on-year decrease and also 11.8% lower than the total earnings in March.
The remaining $1.6 million in revenue stemmed from sports betting’s qualified adjusted gross revenue (QAGR), compared to a $14,489 loss in April 2023 and remaining consistent with the $1.6 million in March.
MGM maintains its position as the leading operator in Detroit, holding a 46.0% market share in April, followed by MotorCity at 30.0% and Greektown’s Hollywood Casino at 24.0%.
MGM reported $49.9 million in table games and slots revenue in April, reflecting a 0.7% year-on-year reduction. MotorCity also experienced a decline of 4.5% to $32.7 million, while Hollywood Casino witnessed an increase of 0.6% to $25.3 million.
In the realm of sports betting, Hollywood Casino continues to dominate the market with a QAGR of $578,131, significantly lower than $1.
During the fourth month of 2023, the three gambling establishments in Detroit witnessed a notable surge in sports wagering, generating a combined income of $516,812. This stands in stark contrast to the $1.7 million deficit recorded during the same timeframe in the preceding year.
MGM’s earnings also remained stable, reaching $475,492, representing an increase of $432,195 compared to the corresponding period in the previous year.
Regarding taxes levied on table games and slot machines, Detroit’s three casinos contributed $8.7 million in gaming taxes to the state of Michigan. Additionally, they paid $12.8 million in wagering taxes and development agreement payments to the city of Detroit.
In the realm of sports betting, the casinos remitted $59,362 in gaming taxes to the state and $72,554 in wagering taxes to Detroit.
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