The gambling industry is on the rise, with online gambling experiencing an unprecedented streak of success. For example, DraftKings reported $502 million in revenue for Q3 of 2022. But what about casinos in Detroit?
In 2022, Detroit’s three casinos recorded $1.276 billion in annual revenue. Slot machines brought in $77% of total revenue ($983.7 million), followed by table games (21%, $273.3 million), and retail sportsbooks (2%, $18.8 million). In contrast, the total revenue from casinos in 2021 was $1.294 billion. See these statistics by iGaming MI if you want to see a detailed breakdown of the Michigan online gambling revenue for 2021-2023.
These were the market shares in 2022:
48% – MGM Grand Detroit. 31% – MotorCity Casino. 21% – Hollywood Casino at Greektown.
Income and Taxes From Table Games and Slots in 2022
Table games and slots income fell by 0.8% from the previous year to $1.26 billion. The earnings at MGM Grand Detroit increased 8.3% to $600 million. To $396.5 million, revenue at MotorCity Detroit Casino decreased by 9.5%. Revenue at Hollywood Casino in Greektown fell by 5.1% to $260.5 million.
Detroit’s three casinos paid the State $101.8 million in wagering taxes on earnings from slot table games and slot machines in 2022 as opposed to $102.6 million in 2021.
In comparison to the $160.8 million paid in 2021, Detroit’s three casinos reported paying Detroit city $155.6 million in wagering taxes and development agreement payments on earnings from slot machines and table games during 2022.
Taxes and Retail Sportsbooks in 2022.
The combined retail sportsbooks qualifying adjusted gross revenues for the three casinos amounted to $18.81 million, a 30.2% decrease from the $26.95 million reported in 2021.
$6.2 million – to MGM. $5.55 million – MotorCity. $7.05 million – Hollywood Casino at Greektown.
Statistics for December 2022
In December, Detroit’s three casinos’ combined monthly revenue was $109.9 million, down from $112.5 million in December 2021. Slot machines and table games brought in $108.3 million, while retail sportsbooks brought in $1.6 million.
Revenue from table games and slots in December 2022 went down by 2.8% from that in December 2021. Comparing December’s revenue to the $99.9 million recorded in November, there was an 8.4% increase.
Comparing December 2018 statistics to December 2021 figures, MGM’s revenue decreased by 0.8% to $51 million.
Detroit’s three casinos paid the State of Michigan $8.8 million in December as opposed to $9 million in December 2021 in wagering taxes. Detroit’s three casinos reported paying the City of Detroit $13.4 million in December in wagering taxes and development agreement payments.
Slot Machine, Table Games, and Tax Revenues for Q4 of 2022
Comparing the fourth quarter of 2021 to the fourth quarter of 2018, the combined revenue from Detroit’s three casinos decreased by 5.4%. MGM’s quarterly gaming revenue fell by 5.4% to $144.1 million, while MotorCity’s revenue fell by 9.1% to $95.4 million. The Hollywood Casino in Greektown recorded a little rise of $69.4 million, or 0.02%.
Detroit’s three casinos paid the state $25 million in gaming taxes for the quarter that ended in December 2022 as opposed to $26.5 million for the same time in the previous year.