Detroit casinos post $113.2m in revenue for May
12 June 2024 - 19:51Detroit's three casinos reported a total revenue of $113.2 million for May, with table games and slots contributing $111.3 million and retail sports betting adding $1.9 million.
MGM Grand Detroit Casino dominated the market with a 46 percent share, followed by MotorCity Casino at 31 percent, and Hollywood Casino at Greektown with 23 percent. MGM's revenue rose by 5.3 percent to $51.9 million, MotorCity saw a 4.9 percent increase to $33.7 million, and Hollywood Casino at Greektown experienced a 10.3 percent boost to $25.7 million.
Comparing year-over-year figures, revenue from table games and slots rose by 6.3 percent and showed a 3.2 percent increase from April 2024. However, revenue from January 1 through May 31 reflected a slight decline of 0.1 percent compared to the same period last year.
The casinos contributed $9 million in gaming taxes to the State of Michigan and reported $13.2 million in wagering taxes and development agreement payments to the City of Detroit.
For May, retail sports betting had a handle of $11.1 million and total gross receipts of $1.9 million. The Qualified Adjusted Gross Receipts (QAGR) for retail sports betting increased by $965,019 compared to May last year, and by 18.4 percent from April 2024.
In related news, Hollywood Casino at Greektown has launched its new ESPN Bet sportsbook, the first ESPN Bet-branded retail location at a Penn Entertainment property. The sportsbook spans approximately 4,500 square feet and features 40 betting kiosks, 25 HDTVs, and a 30-foot video wall, offering an enhanced betting and viewing experience.
John Drake, General Manager of Hollywood Casino at Greektown, expressed excitement about the debut coinciding with Detroit hosting the NFL Draft, highlighting the synergy between Penn’s sports media and betting offerings to create a thrilling environment for sports enthusiasts.