The Income for Detroit Casinos in January Reached $94.4 Million
223
For the month of January 2024, the three casinos in Detroit recorded a monthly aggregate revenue (AGR) of $94.4 million, of which $93.9 million came from slot machines and table games and $500,221 from retail sports betting.
The market shares for January were:
- MGM, 48%;
- MotorCity, 30%;
- Hollywood Casino at Greektown, 22%.
Monthly Taxes and Revenue from Slot Machines and Table Games
Revenue from slots and table games went down by 9.1% in January 2024 compared to January 2023. Additionally, January’s monthly income was 15.7% lower than that of December 2023. The revenue from table games and slots in the Detroit casinos fell by 9.1% from January 1 to January 31 of last year.
All of the casinos’ monthly gaming revenue figures were down from January 2023:
- MGM went down by 11.3% to $44.6 million;
- MotorCity went down by 10.4% to $27.1 million;
- Greektown’s Hollywood Casino went down by 2.9% to $22.2 million.
The three casinos in Detroit gave the State of Michigan $7.6 million in gaming taxes in January 2024. For the same month the previous year, they spent $8.4 million. The casinos also said that they paid the City of Detroit $11.2 million in wagering taxes and development agreement payments in January.
Monthly Revenue and Taxes from Retail Sports Betting
The combined handle for retail sports betting at the three casinos in Detroit was $24.2 million, and their total gross profits for the month of January came to $520,988. Qualified adjusted gross revenues (QAGR) for retail sports betting increased by $389,197 in January over the same month the previous year. From December 2023 to January 2024 QAGR decreased by $4.3 million.
