Detroit Casinos clock $116.2 million December revenue, report $1.24 billion in 2023 annual earnings

Detroit's three casinos -- MGM Grand Detroit,  MotorCity Casino, and Hollywood Casino at Greektown -- reported a monthly aggregate revenue (AGR) of $116.2 million for December 2023. For the entire year of 2023, the trio generated a total aggregate revenue of $1.237 billion.

Of the December AGR, $111.4 million originated from table games and slots, while $4.8 million was generated from retail sports betting, reveals data released by Michigan Gaming Control Board. Market shares for December were distributed among the casinos as follows: MGM at 44%, MotorCity at 32%, and Hollywood Casino at Greektown at 24%.

Monthly table games and slot revenue experienced a 2.9% increase compared to December 2022, with a notable 46.6% rise from November 2023. However, for the entire year ending on December 31, 2023, the casinos' table games and slots revenue declined by 2.7% compared to the same period in the previous year.

In terms of monthly gaming revenue, results varied among the three casinos compared to December 2022. MGM reported a 0.7% decrease to $50.6 million, while MotorCity and Hollywood Casino at Greektown saw increases of 5.1% to $34.7 million and 7.5% to $26.1 million, respectively.

During December 2023, these casinos contributed $9 million in gaming taxes to the State of Michigan, slightly exceeding the $8.8 million paid in the same month the previous year. Additionally, they reported submitting $13.8 million in wagering taxes and development agreement payments to the City of Detroit in December.

For the fourth quarter of 2023, aggregate revenue for all three Detroit casinos decreased by 12.9% compared to the same period in 2022. Quarterly gaming revenue for MGM, MotorCity, and Hollywood Casino at Greektown amounted to $118.6 million, $84.4 million, and $66.2 million, respectively.

Retail sports betting saw a total handle of $30.4 million, with gross receipts of $4.8 million in December 2023. Compared to December 2022, retail sports betting qualified adjusted gross receipts (QAGR) increased by $3.1 million. In December, MGM, MotorCity, and Hollywood Casino at Greektown reported QAGR of $291,171, $2.3 million, and $2.2 million, respectively.

The annual total aggregate revenue of $1.237 billion reflects a modest 3.1% decrease compared to the previous year.  The breakdown of revenue sources included 80% ($984.1 million) from slots, 19% ($238.7 million) from table games, and 1% ($14 million) from retail sports betting. Market shares for the year were distributed as MGM at 46%, MotorCity at 31%, and Hollywood Casino at Greektown at 23%.

Comparing 2023 to 2022, slots and table games revenue for MGM decreased by 6% to $564 million, MotorCity decreased by 5.8% to $373.6 million, and Hollywood Casino at Greektown increased by 9.5% to $285.2 million. Retail sports betting QAGR for 2023 was down by 25.7% to $14.0 million, with contributions from MGM, MotorCity, and Hollywood Casino at Greektown totaling $2.3 million, $5.0 million, and $6.7 million, respectively.

In terms of fantasy contests, operators reported $1.8 million in total adjusted revenues for November, with taxes amounting to $149,915. From January 1 through November 30, fantasy contest operators reported $21.3 million in aggregate fantasy contest  adjusted revenues and paid $1.8 million in taxes.