Detroit Casinos Post Impressive August Performance
The Michigan Gaming Control Board has published its August results for the state’s three Detroit casinos.
Detroit is the only city in Michigan with commercial casinos.
LISTEN TO THIS ARTICLE:In the month, all three establishments posted a combined revenue of $112.5 million. The figure saw an increase of 4.2% compared to the previous month, July. Table games and slots generated $110.8 million, while retail sports betting added $1.7 million. Slots and tables games total mark a 5.9% uptick compared to the same month last year.
The three casinos in the city experienced an increase in revenue in August. MGM maintained its lead in the month, capturing 48% of the market share. MotorCity and Hollywood Casino at Greektown trailed behind, with 28% and 24%, respectively.
MGM’s revenue surged 8.9% from July to $53.9 million. MotorCity saw a modest 0.1% increase in revenue to $30.7 million. Hollywood Casino at Greektown reported $26.2 million in revenue, a 7.4% increase.
In August, Detroit’s casinos paid $9 million in gaming taxes to the state and an additional $17.3 million to the city as wagering taxes and development agreement payments.
More Finance News
MotorCity Retains Sports Betting Lead
Regarding retail sports betting, the three casinos collected nearly $9.6 million in total handle, resulting in gross receipts of $1.7 million.
Qualified adjusted gross receipts (QAGR) rose by $1.4 million compared to August 2023. MotorCity took the lead in sports betting activity for the month with a QAGR of almost $0.9 million.
Detroit is the only city in Michigan with commercial casinos. All other physical gambling establishments in the state are operated by Native American tribes on their reservations or off-reservation lands. Michigan’s gambling market is also thriving with the presence of leading online casinos and sportsbooks.
RELATED TOPICS: Finance
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Detroit Casinos Post Impressive August Performance