Detroit casinos report nearly $114M in revenue during March
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ven though the casinos MGM Grand Detroit, MotorCity Casino Hotel, and Greektown Casino continue working subject to capacity limits and other health protocols, striving to end the COVID-19 pandemic last month reported $113.8 million in monthly aggregate revenue.
Earnings from table games and slots at the three casinos rose 93% year-over-year. MGM Grand reported more than $43.2 million in monthly revenue, for an 80.6% increase from last March. MotorCity's revenue was up 107.2%, to more than $42 million. And Greektown's revenue was up 93.7% to $25.6 million.
From February, earnings rose 28.2%, which was the second full month casinos were reopened after an extended, state-ordered closure that began in November.
Just a few days before the release of March revenue numbers, a New York hedge fund announced that it planned to sell half of its ownership of Atlantic City's Ocean Casino to the Ilitch family. This deal would mark a significant expansion of the Ilitches' gaming interests; the family also owns MotorCity Casino in addition to its other entertainment, food and sports holdings.
According to the state gaming control board, the Detroit casinos paid $9 million in gaming taxes to the state in March, up from $4.7 million in March 2020. They paid $13.2 million in wagering taxes and development agreement payments to the city.
Fantasy contest operators reported $1 million in total adjusted revenues and paid $87,004 in taxes. For the first quarter of the year, the Detroit casinos' aggregate revenue was down 5.1% year-over-year while retail sports betting generated just under $7 million in qualified adjusted gross receipts. MGM Grand led the pack in March with a 39% share of the market. MotorCity followed with 38%, while Greektown came in at 23%.
