Michigan reports a $98.6m revenue June to close ‘steady’ Q2

Michigan

Michigan

MGM Grand Detroit has maintained its long dominance of the Motor City casino market, as the region’s regulator reports “steady quarterly revenue”.

The aforementioned gaming establishment continues to forge ahead on a slot and table games basis, but is lagging behind in the sports betting race.

On a quarterly basis, Michigan’s three casinos reported $98.6m in revenue, with table games and slots generating $98.2m in revenue and retail sports betting contributing $448,703.

Total market share sees MGM Grand Detroit out in front with 49 per cent, trailed by MotorCity Casino’s 34 per cent, and Hollywood Casino at Greektown which accounts for the remaining 17 per cent.

On a quarterly basis, slots and table games revenue declined 7.2 per cent compared to June 2021 during the 30 days, in addition to being 7.6 per cent down when contrasted to May’s numbers. However, a 5.2 per cent increase has been recorded across the first six months of the year.

MGM reports a 4.3 increase in its performance to close at $48.34m, with MotorCity down 9.8 per cent to $33.51 and Greektown suffering further still via a 26.6 per cent decrease to $16.35m.

The trio paid $8m in taxes to the state during June, compared with $8.6m for the same period last year, as well as submitting $11.7m in wagering taxes and development agreement payments to the city of Detroit.

Furthermore, second quarter revenue rose a slight 0.04 per cent, with MGM leading the way via a $155.1m per cent (+14.3 per cent), ahead of MotorCity’s $104.5m (-9.3 per cent) and Greektown’s $61.7m (-12.1 per cent).

In total, $26.03m in second quarter gaming taxes have been paid, compared with the $26.02m issued to the state during the second quarter one year earlier.

Retail sports betting qualified adjusted gross receipts were $448,703 in June, which represented a significant 80.5 per cent year-on-year collapse from 2021’s $2.3m and 81.2 per cent from May’s $2.4m. Total handle closed at $22.37m.

June QAGR by property saw MGM down $22.251, with MotorCity and Greektown up $165,931 and $305,023, respectively. For the year-to-date, Greektown leads the way with $4.1m, followed by MotorCity’s $2.1m and MGM’s $1.5m.

The state received $17,802 in retail sports betting taxes, with the three casinos also reporting submitting $21,758 in retail sports betting taxes to Detroit. 

Fantasy contest operators reported total adjusted revenues of $1.3m during May and paid taxes of $112,964. Through May 31, operators reported $6.4m in adjusted revenues and paid $538,629 in taxes.

Furthermore, the Michigan Gaming Control Board has also revealed that $2.5bn has been collected from the Detroit casinos and igaming, internet sports betting, and fantasy contest operators for the state’s School Aid Fund in the agency’s 25 years of existence.

Author: Ava Harvey