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Detroit’s Three Casinos Have A June Swoon In The Revenue Department

It was a bit of a June swoon for the trio of Detroit casinos.

MGM, MotorCity, and Hollywood Casino at Greektown brought in $98.6 million in monthly aggregate revenue, the lowest number since February’s $95.6 million, according to the Michigan Gaming Control Board.

To compare: Last June’s number was $105.8 million in revenue.

This also marks only the third time since internet sports betting and internet casino were legalized that the Detroit monthly casino revenue fell below the $100 million mark (not counting COVID months when there were maximum occupancy limits in the casinos).

On the retail sports betting side, qualified adjusted gross receipts (QAGR) came in at $448,703 in June, down over 80% compared to June 2021 results ($2.3 million) and down 81% from May’s number ($2.4 million). Total handle was just shy of $22.4 million, and total gross receipts were $462,215 for a weak hold of 2%. 

June QAGR totals by casino were: Hollywood Casino at Greektown at $305,023; MotorCity at $165,931; and a losing month for MGM, which took it on the chin to the tune of $22,251.

The state received $17,802 in retail sports betting taxes from the three Detroit casinos. The trio also reported submitting $21,758 in retail sports betting taxes to the city of Detroit. 

Year to date, Hollywood is leading the QAGR standings at $4.1 million, followed by MotorCity at $2.1 million and MGM at $1.5 million.

Tables and slots

On the table and slot front, revenue dropped over 7% compared to last June and was down 7.6% from May’s numbers. MGM led the way with $48.3 million in table and slot revenue, MotorCity took in $33.5 million, and Hollywood Casino came in at $16.35 million.

Overall, the three Detroit casinos paid $8 million in taxes to the state of Michigan during June and another $11.7 million to Detroit.

Photo: Shutterstock

The post Detroit’s Three Casinos Have A June Swoon In The Revenue Department appeared first on MIBets.

Author: Bradley King