MGM Grand Detroit, Hollywood Casino at Greektown, and the MotorCity Casino Hotel just released their revenue numbers from February. After reviewing the numbers, things are looking positive for in-person gaming in Michigan. For the past several months, in-person casino gaming has faced a decline year over year. February 2023 was the second month since April 2022 that the three casinos reported a year over year increase. The three Detroit casino operators also reported a year over year increase in January this year.
According to a press release from the Michigan Gaming Control Board (MGCB), the state’s governing body for casino and sports betting, the three retail casinos brought in $105.5 million in monthly aggregate revenue in February. Out of the total revenue, just 0.43% was attributed to retail sports wagering, translating to $458,752. The vast majority of revenue was generated from the casino floor, where the three operators brought in $105 million in revenue.
Comparison with Previous Months
February’s numbers translated to a 1.6% increase when compared to revenue numbers from January. In January, MGM Grand, Hollywood Casino at Greektown, and MotoryCity Casino Hotel generated $103.5 million in revenue. All three casinos were up year over year. The combined revenue from the three casinos grew 9.8% when compared with data from February 2022.
- MGM, $50.1 million (8.2% increase year over year)
- MotorCity, $31.2 million (7.8% increase year over year)
- Greektown, $23.7 million (16.3% increase year over year)
When comparing combined revenue from January and February 2022 with figures from January and February 2023, there was an increase of 7.1%. Time will tell whether the retail casino industry will continue to outpace last year.
Unsurprisingly, BetMGM continues to dominate the retail casino space in Detroit. The popular retail casino brought in $50 million, making up 47% of the market share. MotorCity Casino Hotel made up 30% of the market share, generating $31.2 million in revenue while the Hollywood Casino at Greektown brought up the rear with a 23% market share, posting $23.7 million in revenue.
Casino Tax Figures
In the month of February, Michigan’s three retail casinos brought in significant tax revenue for the state and the City of Detroit. February resulted in over $8.5 million generated toward state tax revenue, while the City of Detroit received $12.5 million.
Retail Sports Betting Continues to Drop
Retail sports wagering is continuing to face declines in Michigan’s iGaming market. Across the country, sports fans far prefer wagering on their computer or phone. Last month marked the third lowest handle month for retail sports betting. December 2020 and August 2022 were the only two months when sports betting revenue numbers were lower. In February 2023, the three retail casinos in Detroit brought in just $12.2 million in bets. Compare that with December’s handle of $9.7 million and August’s handle of $11 million.
Sports betting numbers in February were up month over month, however, as both MGM Grand and Hollywood Casino at Greektown faced revenue drops in January.
February qualified adjusted gross receipts by casino:
- MGM, $6,463
- MotorCity, $78,773
- Hollywood Casino at Greektown, $373,516
Tax revenue generated from sports betting was also up compared with January. February brought in $17,341 in state tax revenue and $21,194 for the City of Detroit.
In the state of Michigan, fantasy contest numbers are released a month behind retail gaming figures. During January 2023, operators brought in:
- Total adjusted revenue: $2.9 million
- Total taxes paid: $244,698
Mac Daniel is a writer for PlayOnlineCasino and PlayOnlineSportsBetting. He has experience writing about a wide variety of topics, including healthcare, tourism, non-profit organizations, and most recently casino and sportsbetting news. To check out more of his work, visit: playonlinemichigan.com