The three commercial gambling houses in Detroit saw a 12.5 percent year-on-year rise in income in October, despite a notable decrease in contributions from retail sports wagering.
The three Detroit commercial casinos, MGM Grand Detroit, MotorCity Casino, and Penn National’s Greektown Casino Hotel, produced a total of $114.1 million in earnings.
This was a 3.6 percent increase from September 2021 and a 12.5 percent increase from October 2020, when the establishments were operating at 15 percent capacity after reopening from COVID-19 closures.
The majority of the properties’ income came from slot machines and table games, totaling $111.5 million, up 18.9 percent from the previous year and 4.2 percent from the previous month.
MGM Grand reported the largest income increase, with its monthly earnings rising 39.4 percent to $52.7 million compared to October 2020.
While MotorCity remained ahead of Greektown, its slots and table game revenue only increased slightly, by 1.8 percent to $36.9 million, while Greektown reported a 10.8 percent increase to $21.9 million.
The three establishments paid $9 million in gambling taxes, compared to $7 million in October 2020.
Over the last twelve months, Michigan has generated $6 million in income. Conversely, during the same period, the city of Detroit brought in $13.8 million in gambling taxes and development agreement payments.
Although casino gambling performed well, retail sports betting income decreased considerably. Total adjusted gross receipts declined by 65.2% to $2.6 million, despite the fact that retail betting was the only legal form of sports betting in October 2020, with online betting becoming available in January 2021.
In a similar vein, MGM Grand dominated the market with $1.4 million in revenue, outperforming MotorCity’s $671,009 and Greektown’s $588,847. Gamblers placed $34.2 million in wagers on sports betting at the three casinos.
This resulted in the state collecting $99,977 in taxes, along with an additional $122,194 paid to Detroit.
This indicates that as of October 31, MotorCity led the market in revenue at $7.4 million. MGM Grand trailed closely behind at $7.1 million, and Greektown at $7 million.
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