Detroit Casinos Chalk Up Disappointing January Financials

The three land-based casinos in the 778 city of Detroit saw their aggregated gaming revenues for the month of January decrease by almost 8.8% year-on-year to slightly beyond $94.4 million.

The tally revealed by the Michigan Gaming Control Board represented the trio’s lowest tally in a month unaffected by either labor issues or the coronavirus pandemic for over 18 years and, moreover sat some 18.7% lower than December’s all-time high of about $116.2 million.

Conspicuous Concerns

Detroit has been home to the MGM Grand Detroit, MotorCity Casino Hotel and the Hollywood Casino at Greektown facilities for more than 20 years with the threesome altogether offering an array of approximately 9,800 slots as well as almost 280 casino gaming tables. 

The 400-room properties complement this gambling-friendly entertainment by additionally playing host to poker rooms, meeting and conference facilities, multiple restaurants, sportbooks and live event spaces.

Traditional Tilt

The Michigan Gaming Control Board explained the lion’s share of the aggregated January revenue figure at $93.9 million had come from slot and gaming tables, which was a drop of 9.1% year-on-year and considerably lower than the $111.4 million recorded for December. 

MGM Grand Detroit logged the biggest such annualized reduction at 11.3% to $44.6 million while MotorCity Casino Hotel and Hollywood Casino at Greektown experienced lesser comparative diminutions to $27.1 million and $22.2 million respectively.

Nevertheless, such activities earned the state of Michigan $7.6 million in January taxes, which was a slump of 9.5% month-on-month, while the city of Detroit received $11.2 million via wagering duties and development agreement payments.

Sportsbook Success

In brighter news, the retail sports betting lounges inside the three Detroit casinos chalked up $24.2 million in aggregated handle alongside $520,988 in combined gross receipts for January. 

This latter figure equated to an improvement of nearly 300% year-on-year despite sitting around $4.3 million lower than December’s final tally.

MotorCity Casino Hotel was the biggest winner here as its gross receipts from sports betting in January hit $1.1 million while the figure from MotorCity Casino Hotel stood at $403,926. Monthly state taxes associated with this activity consequently grew to reach $58,073 with the city benefiting to the tune of $70,978.

Fantasy Bonus

The Michigan Gaming Control Board disclosed aggregated revenues from the provision of fantasy contests to those in ‘The Wolverine State’ last year reached $21.8 million including $484,140 in December. This resulted in operators paying combined taxes of $1.8 million encompassing $40,668 for the final month of 2023.