Detroit casinos report 94% drop in January retail sports betting revenue

Updated:2024-03-21 13:24    Views:73

An analysis of the $103.5 in revenue from the three casinos has shown that retail sports betting produced only $111,023. This is compared to table games and slots, which made $103.4m in revenue. 

Adjusted gross receipts (QAGR) showed that retail sports betting fell by 94%, which accounted for $1.8m when compared to the revenue for January 2022.

However, monthly gaming rose by 3% in MGM for $50.2m and 1% in Motor City Casino for $30.3m. Motor City Casino had an increase of 12% when compared to January 2022, accounting for $22.9m of the monthly revenue.

The January QAGR total for MGM was -$62,725, Hollywood Casino at Greektown was -$62,755,Table games while MotorCity stood at $236,503. Total gross receipts were $149,379 and total handle was $15,277,683. The Detroit casinos paid $8,940 in state taxes when compared to $73,070 for January 2022.

The three Detroit casinos paid $8.4m in gaming taxes to the State of Michigan, which is an increase when compared to the $8m paid for the same month last year.

A detailed report from MGCB shows that revenue from table games and slots had increased 4% when compared to this time last year.

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