With $123.86 million in revenue for March, Detroit casinos report a healthy profit, primarily from table games, slots, and retail sports betting. With a 46% market share, MGM has seen a 3.8% growth in gaming revenue since March 2023. There has been a notable increase in retail sports betting, with total gross earnings rising by 13.2% annually.
In March 2024, the three casinos in the city of Detroit posted an impressive monthly aggregate revenue of $123.86 million, with the majority of that amount ($122.26 million) coming from table games and slots, and $1.6 million from retail sports betting. This was a nice march into Vegas for the gambling industry in Detroit. The market shares for the month were divided as follows: 46% of the market was obtained by MGM, 31% by MotorCity, and 23% by Hollywood Casino at Greektown.
When comparing the revenue numbers for table games and slots in March 2023 to February 2024, which is a 3.8% rise, it was found that there was a 16.7% gain in revenue. However, as compared to the same quarters last year, the casino's earnings from tabletop games and pokies decreased by 1.6% between January 1 and March 31.
The breakdown of each casino's performance compared March 2023 data produced varying results, in contrast to the general fall. MGM performed the best, rising 4.1%, Motor City had a growth of 7.2%, while Hollywood Casino at Greektown saw a decrease of 1.4% from the previous year.
In addition, the three Detroit casinos paid the State of Michigan $9.9 million in gaming taxes in March 2024—a little more than the $9.5 million they paid in the same month the previous year.
Furthermore, they paid the City of Detroit $14.5 million in taxes and development agreement payments during the first year following the Council's founding.
With a combined handling of $17.25 million for retail sports betting in March, the Harrah's Detroit, Greektown, and MGM Grand casinos held one of the highest totals, although their gross receipts were less than $2 million. The qualified adjusted gross receipts (QAGR) in March 2024 increased by 13.2%, or $1.7 million, over February 2024, to provide an idea of the growth that was seen.
The March QAGR statistic above shows that MGM was at $327,857, MotorCity was at $538,988, and Hollywood Casino at Greektown had the highest value at $731,389).In addition to paying $73,838 in wagering taxes to the City of Detroit on the basis of their retail sports betting income, the casinos also paid $60,413 in gaming taxes to the state during the month. Operators of fantasy contests reported total adjusted revenues of $405,342 in February 2024, with $34,049 in tax payments.
