Detroit Posts Second-Highest Gaming Revenue in December for the Current Year

Quick Intro

Detroit’s casino scene saw a remarkable rebound following the workers’ strike, as December emerged as the second-highest revenue-generating month of the year. The city’s trio of casinosMGM, MotorCity, and Hollywood Casino at Greektown – collectively reported an impressive $116.2 million in aggregate revenue for December. Breaking down this figure:

  • Slots and table games contributed a substantial $111.4 million.
  • Retail sports betting added $4.8 million to the mix.

In terms of market share, the distribution was as follows:

  • MGM led with 44%.
  • MotorCity followed with 32%.
  • Hollywood Casino at Greektown held 24%.

Resurgence in Detroit’s Casino Revenue in December

December’s revenue for table games and slots showed a notable 2.9% increase from the same period in 2022, amounting to $111.4 million. This was a significant 46.6% jump from November 2023’s figure of $76 million.

The Michigan Gaming Control Board reports individual casino revenues for December:

  • MGM Grand Detroit earned $50.6 million, a slight 0.7% decrease year-over-year.
  • MotorCity Casino saw $34.7 million, marking a 5.1% annual rise.
  • Hollywood Casino at Greektown reported $26.1 million, up 7.5% from December 2022.

These figures represented the second-highest monthly revenue in 2023, following March’s peak.

In tax contributions, the casinos paid $9.0 million to the State of Michigan and $13.8 million in wagering taxes and development agreement payments to the City of Detroit in December.

Record-Breaking Sports Betting Figures in December for Detroit Casinos

December was a milestone month for Detroit casinos in sports betting, with a handle of $30.4 million – the highest for 2023 and second only to January 2022’s $35.9 million. This marked an impressive 88.8% annual increase and nearly a 99% rise from November’s $15.3 million.

This robust betting activity led to a record $4.8 million in sports betting revenue for the month.

Slot Machines Dominate Detroit Casinos’ Annual Revenue

The Michigan Gaming Control Board’s annual report highlighted that slots accounted for a dominant 80% ($984.1 million) of the total $1.24 billion yearly revenue. Table games contributed 19% ($238.7 million), while retail sports betting brought in 1% ($14.0 million).

Despite a 2.7% decrease in slots and table games revenue from 2022, totaling $1.22 billion in 2023, the overall performance was strong. The worker strike undoubtedly impacted the annual figures, suggesting a potentially brighter outlook for Detroit casinos in 2024.

Future Prospects for Detroit’s Casino Industry

Looking ahead, Detroit’s casino industry appears poised for continued growth and success in 2024. The resilience shown in the aftermath of the worker strike and the impressive December revenue figures indicate a robust recovery and a promising future.

The city’s casinos have demonstrated their ability to adapt and thrive, even in challenging circumstances. With ongoing investments in gaming and entertainment facilities, coupled with the growing popularity of sports betting, Detroit’s casinos are well-positioned to capitalize on emerging market trends and cater to a diverse clientele seeking dynamic gaming experiences.

Final Thoughts

Detroit’s casino sector, bouncing back strongly from a challenging period, showcases robust growth potential. The impressive December revenues and the overall resilience of the industry are strong indicators of a promising future. With a focus on diversification and embracing new gaming trends, Detroit’s casinos are set to continue their upward trajectory, making them a significant player in the national casino landscape.

Source: https://content.govdelivery.com/accounts/MIGCB/bulletins/383e085