Detroit casinos report $104.9 million in August revenue

Casino City Times
 
Wild Casino
(PRESS RELEASE) -- The three Detroit casinos – MGM Grand Detroit Casino, MotoCity Casino, and Hollywood Casino at Greektown – reported $104.9 million in monthly aggregate revenue for the month of August 2023, of which $104.6 million was generated from table games and slots, and $322,186 from retail sports betting.

The August market shares were:
-MGM Grand Detroit Casino: 47%
-MotorCity Casino: 30%
-Hollywood Casino at Greektown: 23%

Table Games and Slot Revenue and Taxes
August table games and slot revenue decreased 2.0% when compared to July 2023 results. August monthly revenue was 0.1% higher than August 2022. From 1 January through 31 August, the casinos’ table games and slots revenue increased by 0.8% compared to the same period last year.

The casinos’ monthly gaming revenue results were mixed compared to August 2022:

-Hollywood Casino at Greektown, up 11.7% to $24.4 million
-MGM Grand Detroit Casino, down 1.7% to $49.5 million
-MotorCity Casino, down 5.0% to $30.7 million

During August, the three Detroit casinos paid $8.47 million in taxes to the State of Michigan. They paid $8.46 million for the same month last year.

The casinos reported submitting $16.5 million in wagering taxes and development agreement payments to the City of Detroit in August.

Retail Sports Betting Revenue and Taxes
The three Detroit casinos reported $10.0 million in total retail sports betting handle, and total gross receipts were $327,291.

Retail sports betting qualified adjusted gross receipts (QAGR) were down by 80.6% compared to August 2022. August QAGR was down by 32.5% compared to July 2023.

August QAGR by casino:
-MGM Grand Detroit Casino: $85,644
-MotorCity Casino: $195,955
-Hollywood Casino at Greektown: $40,587

During August, the casinos paid $12,179 in gaming taxes to the state and reported submitting $14,885 in wagering taxes to the City of Detroit based on retail sports betting revenue.
Fantasy Contests
For July, fantasy contest operators reported total adjusted revenues of $1.2 million and paid taxes of $101,324.

From 1 January through 31 July, fantasy contest operators reported $13.4 million in aggregate fantasy contest adjusted revenues and paid $1.1 million in taxes.