The gambling income of Detroit’s casinos experienced a slight downturn in May, even though there was a substantial rise in revenue from sports betting, showcasing the potential influence of sports betting on casino earnings.
The overall income of Detroit’s three commercial casinos saw a reduction of 1.2% in May compared to the same period last year, despite a notable increase in revenue from sports betting.
Detroit’s casino income experienced a slight dip in May despite a significant increase in sports betting revenue.
MGM Grand Detroit, MotorCity Casino, and Penn National’s Greektown Casino Hollywood generated a combined revenue of $108.7 million (£86.4 million/€101.7 million) for the month, a decrease from $110 million in May 2021 and 8.4% lower than the $118.7 million recorded in April.
MGM led the Detroit rankings with a 46% market share, ahead of MotorCity’s 32% and Hollywood’s 22%.
Total revenue from table games and slots reached $106.3 million, a decrease of 1.5% year-on-year and 9.1% lower than April.
MGM reported an 8.3% year-on-year increase in table games and slots revenue to $50 million, but MotorCity’s revenue fell 9.5% to $34.6 million and Hollywood’s revenue dropped 8.0% to $21.7 million.
The casinos paid $8.6 million in gaming taxes during the month, along with $12.6 million in wagering taxes and payments related to development agreements with the city of Detroit.
Focusing on retail sports betting, the Qualified Adjusted Gross Revenue (QAGR) increased by 36.6% year-on-year to $2.4 million, a figure that was also 27.7% higher than April. Consumers wagered a total of $22.8 million on sports betting during the month.
The entertainment capital of the world, Hollywood, is a frontrunner in the realm of sports wagering, boasting a quarterly compound annual growth rate of $1.6 million, significantly surpassing MotorCity’s $575,469, with MGM trailing behind at $220,028.
These three Detroit gambling establishments contributed $90,279 in gaming levies to the state in May, and an additional $110,341 in betting taxes and development agreement payments to the city of Detroit.
Sign up for the iGaming newsletter.
