Detroit casinos report USD 101.4 M in October revenue

According to data released Tuesday by the Michigan Gaming Control Board, the three Detroit casinos reported $101.4 million in monthly aggregate revenue in October while continuing to operate at 15 percent capacity due to COVID-19 health concerns.

Table games and slots generated $93.8 million in revenue, and retail sports betting produced $7.6 million in revenue.

Table Games and Slot Revenue and Taxes

In October, the casinos’ table games and slots revenue fell 18.9 percent compared with October 2019 results. Monthly revenue was up by 6.7 percent compared with September results.  For table games and slots, the casinos' year-to-date revenue of $550 million was down 54.2 percent from the $1.2 billion in revenue reported during the first 10 months of 2019.

Compared with October 2019 results, gaming revenue for MGM was down by 22.7 percent to $37.8 million. MotorCity's revenue fell 7.7 percent to $36.3 million. Greektown’s gaming revenue was down 28.2 percent to $19.7 million.

The three Detroit casinos paid $7.6 million in taxes to the State of Michigan in October compared with $9.4 million for the same month last year.

The Detroit casinos reported submitting $11.2 million in wagering taxes and development agreement payments to the City of Detroit during October.

Retail Sports Betting Revenue and Taxes

Retail sports betting qualified adjusted gross receipts in October totaled $7.6 million:

• MGM, $3.7 million
• MotorCity, $2.2 million
• Greektown, $1.7 million

Qualified adjusted gross receipts are gross sports betting receipts minus the monetary value of free play incentives provided to and wagered by bettors.

The three Detroit casinos paid $287,166 in state taxes on retail sports betting. The three Detroit casinos also reported submitting $350,980 in retail sports betting taxes to the City of Detroit.

Through October, the aggregate retail sports betting qualified adjusted gross receipts totaled $14.1 million:

• MGM, $6.8 million,
• MotorCity, $4.3 million,
• Greektown, $3 million.

Market Shares

The October market shares based on aggregate revenue including table games, slots and retail sports betting were:

• MGM, 41 percent
• MotorCity, 38 percent
• Greektown, 21 percent

Fantasy Contests

Fantasy contest operators reported total adjusted revenues of $3 million and paid state taxes of $253,449 during September.

Year-to-date through September 30, fantasy contest operators reported aggregate adjusted revenues of $10.2 million and paid $857,770 in taxes.