Detroit Casinos Report $112.5M Revenue in August 2024, Led by Table Games and Slots

The three major Detroit casinos—MGM, MotorCity, and Hollywood Casino at Greektown—reported a combined monthly aggregate revenue (AGR) of $112.5 million for August 2024. This figure includes $110.8 million generated from table games and slot machines, alongside $1.7 million from retail sports betting. These results reflect consistent growth in the city’s gaming sector, with table games and slots continuing to serve as the primary drivers of revenue.

Market Share Breakdown for Detroit Casinos

In of market share, MGM took the lead in August, commanding 48% of the total casino market in Detroit. MotorCity followed with a 28% share, while HollywoodCasino at Greektown captured 24% of the market. These figures highlight MGM’s dominance in the city’s gaming industry, with its substantial revenue boost contributing significantly to the overall performance of the casinos.

In August 2024, the casinos’ table games and slot revenue increased by 5.9% compared to the same month in 2023. Furthermore, the revenue for August was 4.2% higher than the previous month, July 2024. This upward trend underscores the ongoing demand for traditional casino games, as Detroit’s gaming industry continues to see steady growth.

From January 1 through August 31, 2024, the cumulative revenue from table games and slots rose by 0.9% compared to the same period in 2023. This increase reflects the consistent performance of Detroit’s casinos throughout the year.

MGM led the way in of individual casino growth, with its table games and slot revenue for August 2024 increasing by 8.9% to $53.86 million compared to the same period last year. MotorCity saw a modest 0.1% increase, bringing its revenue to $30.76 million. Meanwhile, Hollywood Casino at Greektown experienced a 7.4% rise, reaching $26.18 million in table games and slot revenue.

In addition to generating substantial revenue, the Detroit casinos contributed $8.97 million in gaming taxes to the State of Michigan in August 2024. This is a slight increase from the $8.47 million paid in August of the previous year, highlighting the casinos’ growing financial impact on the state. The casinos also submitted $17.3 million in wagering taxes and development agreement payments to the City of Detroit, further ing the local economy.

Retail Sports Betting Revenue and Growth

In August 2024, the three Detroit casinos reported a total retail sports betting handle of $9.61 million, generating $1.7 million in gross receipts. Retail sports betting qualified adjusted gross receipts (QAGR) increased by $1.4 million compared to August 2023 and rose by $2.1 million from July 2024, indicating significant growth in this sector.

The performance of individual casinos in the retail sports betting segment varied, with MotorCity leading the pack. Here is a breakdown of each casino’s retail sports betting QAGR for August 2024:

• MGM: $521,529
• MotorCity: $930,952
• Hollywood Casino at Greektown: $241,045

These figures demonstrate that MotorCity Casino had the highest retail sports betting revenue, followed by MGM and Hollywood Casino at Greektown. The growth in sports betting revenue reflects a broader trend across the gaming industry, where sports betting is becoming an increasingly popular form of gambling.

In addition to generating substantial revenue, the Detroit casinos made important contributions to state and local tax revenues from their retail sports betting operations. In August 2024, the casinos collectively paid $64,015 in gaming taxes to the State of Michigan based on their retail sports betting earnings. Furthermore, they submitted $78,241 in wagering taxes to the City of Detroit, underscoring the continued growth and importance of the retail sports betting sector to the local and state economy.

The overall performance of Detroit’s casinos in August 2024 indicates a thriving gaming industry in the region. With continued growth in both table games, slots, and retail sports betting, the casinos are well-positioned for sustained success. MGM’s commanding market share, alongside the solid performances of MotorCity and Hollywood Casino at Greektown, points to a bright future for the city’s gaming sector.

The combination of increased revenue, growing market share, and significant tax contributions to both the state and city demonstrates the importance of the gaming industry to the local economy. As Detroit’s casinos continue to expand and innovate, they are likely to see continued growth in both player engagement and financial performance.

Source:

”Detroit Casinos Report $112.5M in August Revenue”, gamingamericas.com, September 12, 2024.