Detroit Casinos See Revenue Decline in April
The gambling establishments in Detroit experienced a decrease in earnings in April compared to the previous year. All three of the city’s gambling venues also saw a decline in revenue compared to the previous month.
The total revenue generated by Detroit’s gambling venues in April was $109.4 million, a slight decrease from the $109.7 million generated in April 2023. However, this figure represents an 11.7% drop from the $123.9 million generated in March.
Of the $109.4 million in revenue, $107.9 million came from table games and slot machines. This represents a 1.6% year-over-year decrease and an 11.8% decline from the total revenue generated in March.
The remaining $1.6 million in revenue came from sports betting’s qualified adjusted gross revenue (QAGR). This compares to a loss of $14,489 in April 2023 and is flat with the $1.6 million generated in March.
MGM continues to dominate the Detroit gambling market. In April, MGM held a 46.0% market share, followed by MotorCity at 30.0% and Greektown Casino-Hotel at 24.0%.
MGM’s table games and slot machine revenue in April was $49.9 million, a 0.7% decrease year-over-year. MotorCity’s revenue also declined by 4.5% to $32.7 million, while Hollywood Casino saw a 0.6% increase to $25.3 million.
In sports betting, Hollywood Casino continued to lead with a QAGR of $578,131.
During the fourth month of 2023, although certain sectors experienced expansion, the overall quarterly average growth rate (QAGR) remained in the red.
MotorCity’s sports betting QAGR reached a figure of $516,812, a stark contrast to the previous year’s deficit of $1.7 million. MGM maintained a steady performance at $475,492, an increase from the previous year’s $432,195.
Detroit’s trio of casinos contributed $8.7 million in gaming taxes to the state of Michigan for revenue generated from table games and slot machines. The gambling establishments also paid $12.8 million in wagering taxes and development agreement payments to the city of Detroit.
Regarding sports betting, casinos paid $59,362 in gaming taxes to the state and $72,554 in wagering taxes to Detroit.
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