Detroit Casinos Post January Revenue, Results Nearly Tripled from December

The three Detroit casinos reported $90.8 million in January monthly aggregate revenue while operating at limited capacity due to COVID-19 health concerns. The casinos’ January table games and slots revenue fell 27.7 percent year-over-year.
242
slot machine
The three Detroit casinos reported $90.8 million in January monthly aggregate revenue, down from the previous year due to COVID-19 but nearly triple that of December’s revenue. // Stock photo

The three Detroit casinos reported $90.8 million in January monthly aggregate revenue while operating at limited capacity due to COVID-19 health concerns. The casinos’ January table games and slots revenue fell 27.7 percent year-over-year.

Table games and slots generated $86.8 million in revenue, while retail sports betting, which began online in mid-January, produced nearly $4.1 million. The January market shares were 38 percent for MGM Grand Detroit, 38 percent for MotorCity Casino Hotel, and 24 percent for Greektown Casino-Hotel.

While the overall revenue was a drop from January 2020, monthly revenue nearly tripled compared with December 2020. The three Detroit casinos reopened at limited capacity on Dec. 23 after being closed by the state on Nov. 18 due to COVID-19 public health concerns.

During January, gaming revenue at MGM dropped 32 percent to $34 million compared with January 2020 results. MotorCity’s year-over-year revenue declined 20.7 percent to $33.2 million. Greektown reported $19.6 million in revenue, which was 30.4 percent below the previous year.

The three casinos paid $7 million in gaming taxes to the state during January compared with $9.7 million for the same period last year. They also reported submitting $10.3 million in wagering taxes and development agreement payments to the city of Detroit over the course of the month.

The casinos reported a total retail sports betting handle of nearly $35.7 million for the month. Retail sports betting qualified adjusted gross receipts for January were $863,439 for MGM, $1,566,019 for MotorCity, and $1,633,659 for Greektown. Qualified adjusted gross receipts are gross sports betting receipts minus the monetary value of free play incentives provided to and wagered by bettors.

The three casinos paid $153,586 in taxes to the state on retail sports betting revenue over the course of the month. They also reported submitting $187,716 in retail sports betting taxes to Detroit for the month.

In December 2020, fantasy contest operators reported total adjusted revenues of $1.9 million and paid $158,726 in taxes to the state. For the full year 2020, fantasy operators reported $16.7 million in aggregate fantasy contest adjusted revenues and paid $1.4 million in taxes to the state.

Facebook Comments