Detroit Casinos Report $116.2 Million in Monthly Aggregate Revenue for December 2023
In December, Detroit’s three commercial casinos generated $116.2 million in monthly aggregate revenue, according to figures from the Michigan Gaming Control Board (MGCB). The figures indicate that revenues of $111.4 and $4.8 million were derived from casino games and sports betting, respectively.
These figures mark an increase from the previous year, with December’s revenues from table games and slots rising 2.9% compared to the same period in 2022. The performance in December 20203 also marks a 46.6% rise compared to November. However, for the 2023 calendar year, MI revenues saw a slight decrease of 2.7% compared to 2022.
Revenue trends for each casino were mixed compared to December 2022. MGM’s revenue fell 0.7% at $50.6 million, while MotorCity saw an increase of 5.1% to $34.7 million, and Hollywood Casino at Greektown’s revenue rose by 7.5% to $26.1 million.
Michigan gaming taxes in December amounted to $9.0 million, a slight increase from the $8.8 million paid in the same month in 2022. The City of Detroit also generated $13.8 million in wagering taxes and development-agreement payments.
For the fourth quarter of 2023, the aggregate revenue for the three casinos was down 12.9% compared to the previous year, with all three experiencing declines. MGM’s revenue decreased by 17.7%, MotorCity’s by 11.6%, and Hollywood Casino at Greektown’s by 4.7%. The total gaming taxes paid to the state for this quarter were $21.8 million, down from $25.0 million in 2022.
Retail sports betting reported a total handle of $30.4 million for December, with gross receipts totaling $4.8 million. This segment saw a significant increase, with a 54.9% rise in qualified adjusted gross receipts (QAGR), the gross receipts less winnings paid to wagerers, compared to November, and a $3.1 million jump from the previous December.
MGM’s December QAGR was $291,171, MotorCity’s was $2.3 million, and Hollywood Casino at Greektown’s was $2.2 million. The state collected $180,822 in gaming taxes, while the City of Detroit received $221,005 in wagering taxes based on retail sports betting revenue for the month.
The total annual revenue from slots, table games, and retail sports betting for the year was $1.237 billion, a 3.1% decrease from the previous year. The distribution of this revenue was 80% from slots, 19% from table games, and 1% from retail sports betting. MGM maintained the largest market share at 46%, followed by MotorCity at 31% and Hollywood Casino at Greektown at 23%.
Regarding yearly performance, MGM’s revenue fell by 6.0% to $564.0 million, MotorCity’s by 5.8% to $373.6 million, while Hollywood Casino at Greektown saw a 9.5% increase to $285.2 million. The aggregate QAGR for retail sports betting in 2023 decreased by 25.7% to $14.0 million. State wagering taxes for slots and table games were $99.0 million, with an additional $528,314 for retail sports betting.
Daily fantasy sports (DFS) operators reported $1.8 million in adjusted revenues for November, contributing $149,915 in taxes. From January through November, the reported aggregate fantasy contest adjusted revenues were $21.3 million, with $1.8 million paid in taxes.