The Revenue for Detroit Casinos in February Amounted to $104.63 Million

Arsenii Anderson
117
the revenue for detroit casinos in february amounted to 104 63 million

For the month of February 2024, the three casinos in Detroit recorded a monthly aggregate revenue (AGR) of $104.63 million, of which $104.76 million came from slots and table games and a negative $124,853 from retail sports betting. The figures for the gambling sites in Michigan and their operations are not included in the data.

Here are the market shares for February:

  • MGM: 47%;
  • MotorCity: 30%;
  • Hollywood Casino at Greektown: 23%.

Monthly Revenue and Taxes from Table Games and Slots

Revenue from table games and slots fell by 0.2% in February 2024 compared to February 2023. The monthly income for February 2024 exceeded that of January 2024 by 11.6%. The income from table games and slots at the Detroit casinos fell by 4.7% from January 1 to February 29 of this year as compared to the same time the previous year.

In comparison to February 2023, the casinos’ monthly gaming revenue statistics were inconsistent:

The three casinos in Detroit gave the State of Michigan $8.49 million in gaming taxes in February 2024. For the same month the previous year, they spent $8.51 million. The casinos also said that they paid the City of Detroit $12.5 million in wagering taxes and development agreement payments in February.

Monthly Revenue and Taxes from Retail Sports Betting

The combined handle for retail sports betting at the three Detroit casinos was $13.2 million, and their total gross earnings for the month of February were negative ($120,142). Qualified adjusted gross revenues (QAGR) for retail sports betting in February decreased by $583,605 from the same month the previous year. The QAGR for February 2024 was $625,073 less than that of January 2024.

The casino’s February QAGR was:

  • MGM: negative ($121,207);
  • MotorCity: negative ($133,311);
  • Hollywood Casino at Greektown: $129,665.

The casinos reported paying $5,991 in wagering taxes to the City of Detroit based on their retail sports betting income during February. They also paid $4,901 in gaming taxes to the state, down from $17,341 for the same month the previous year.

Most Recent News

letter