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In January 2024, the three Detroit casino operators experienced a decline in table games and slot revenue across their land-based facilities in comparison to the same month last year. Michigan Gaming Control Board (MGCB) reports that MGM, MotorCity, and Hollywood Casino at Greektown generated $94.4 million in aggregated gaming revenue in January 2024 to see a 9.1% decrease on the year-on-year basis.
MGM Taking the Largest Market Share:
Out of the total revenues, the three Detroit casinos generated $93.9 million, or 99.5%, from table game and slot operations and $500,221 or 0.5% from retail sports betting, as reported by MGCB. The Board further reports that MGM captured a 48% market share in January to see the busiest gaming traffic in the city. MotorCity gained a 30% share to be followed by the Hollywood Casino’s stake of 22%.
Monthly Revenues Going Down by 9.1 Percent:
As reported by MGCB, these operators saw the gaming revenue going down by 9.1% when compared to January 2023 revenue. Also, the aggregated Detroit casino monthly revenue was reportedly 15.7% lower than in December 2023 to testify about a slower beginning of the year after the festive season. MGCB compares the results achieved in January 2024 with January 2023 to report the figures as follows:
MGM generated $44.6 million in gaming revenues to see a decline of 11.3% on the year-on-year basis; MotorCity’s revenue level of $27.1 million achieved in January 2024 represents a 10.4% lower figure year-on-year; In the same month,Hollywood Casino at Greektown generated $22.2 million in gaming revenues to see the January 2024 figure going down by 2.9% in comparison to January 2023.
9.5% Decline in Tax Revenues:
As MGCB reports, the three Detroit casino operators generated $7.6 million in gaming taxes for the State of Michigan in January 2024 against the $8.4 million of tax revenues funneled in the same month last year to record a 9.5% decline year-on-year. The casinos reportedly also contributed $11.2 million in wagering taxes and development payments to the City of Detroit in January 2024.
Generating $520,988 in Sports Betting Revenue:
MGM, MotorCity, and Hollywood Casino at Greektown reportedly recorded $24.2 million in total retail sports betting handle, with total gross revenues settled at the $520,988 level at the end of the month. As reported, retail sports betting qualified adjusted gross receipts (QAGR) in January grew $389,197 over the same month in 2023. January QAGR was simultaneously $4.3 million lower than the adjusted gross receipts recorded in December 2023, according to MGCB. As a sequence of the total, MGM reportedly saw $403,926 of QAGR in January, with MotorCity hitting $1.1 million, and Hollywood Casino at Greektown recording a negative value of $1.0 million, according to Michigan Gaming Control Board, to testify about the sluggish gaming activity in the city of Detroit in January 2024.
