Detroit Casinos Report Decrease in October Revenue
LISTEN TO THIS ARTICLE:Three commercial casinos in Detroit have reported a drop in their October revenue to $82.8m.
The October figure decreased 19.5% from the $102.8m recorded from the same month last year. It also dropped by 18.5% from the $101.6m reported in September this year.
The decrease in revenue has been attributed to the ongoing strikes in the state. Some Detroit casino employees have been on strike since October 17, resulting in partial closures and unavailability of specific amenities at the casinos for nearly a month.
Revenue was down across all verticals in the casinos. While revenue from table games dropped by 18.9% year-on-year to $81.7m, sports betting qualified adjusted gross receipts (QAGR) decreased by 46.3% year-on-year to $1.1m.
MGM Dominates Detroit's Betting Market
As expected, the sports wagering handle in the state plummeted from $32.4m in October 2022 to $18.1m. However, the figure was at par with the total bet amount received in September 2022.
MGM continues leading in the Detroit market, with a 46% market share in October. In dollar terms, the company generated $37.3m in revenue from casino and table games and $365,705 in sports betting QAGR.
MotorCity was in second position, accounting for 31% of the total revenue. It gained $25.0m from casino and table games and $669,028 from sports betting QAGR.
Hollywood Casino at Greektown ranked third with a 23% market share; $19.4m revenue from casino and table games and sports betting QAGR totaled $90,430.
Land-based casinos contributed $6.6 million in gaming taxes to the state of Michigan in October. They also paid $10.1m in wagering taxes and development agreement payments to the city of Detroit.
Sports betting generated $42,531 in gaming taxes for Michigan, and an additional $51,982 was submitted as wagering taxes to the city of Detroit.
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