After a concerning January, Detroit’s three retail casinos saw improved gambling revenue numbers in February.
According to the Michigan Gaming Control Board, last month the Detroit casinos combined for $104.8 million in revenue from slots, table games and poker.
While that is down 0.2% from February of 2023 ($105 million), it’s up 11.6% from January’s underwhelming $93.9 million total.
Retail sports betting at the casinos took a drop in February, as they acquired just $13.2 million in handle. That was a 45.4% drop from January’s $24.2 million in handle. However, it is an 8.2% increase from February of 2023 ($12.2 million).
Along with the lower handle, Detroit sportsbooks took a collective loss for the month of $120,142.
Detroit casinos rebound from poor January
After January’s number that harkened back to pandemic-level revenue, Detroit casinos have to be taking a sigh of relief from February’s report.
The $104.8 million in gaming revenue is back in line with what the casinos were doing to start 2023.
Each of the three casinos saw growth in revenue from January to February.
- MGM Grand Detroit: $49.3 million, up from $44.6 million
- MotorCity Casino: $31.6 million, up from $27.1 million
- Hollywood Casino at Greektown: $23.8 million, up from $22.2 million.
February’s increase in revenue led to $8.5 million in state wagering tax revenue and $12.5 million in Detroit wagering tax revenue.
The holiday season may have taken a toll on people’s disposable income in January, but spending appeared to return to normal in February.
Detroit casino revenue still off to slow 2024
Even with February’s stronger revenue total, the three Detroit casinos have a lot of ground to make up to keep pace with the start of 2023.
January’s total really dug them a hole that will be tough to get out of.
Through the first two months of 2024, Detroit casinos are averaging just under $100 million per month. While that still is ahead of 2022’s start, it isn’t where the industry hoped it would be.
Prior to the workers’ strike, the Detroit casinos were on pace to see the 2023 yearly revenue top 2022. That didn’t happen, but the signs were there that 2024 could outdo both.
By comparison, here’s where the average stood through February in other recent years:
- 2024: $99,332,243
- 2023: $104,182,420
- 2022: $97,281,588
- 2021: $86,621,015*
- 2020: $120,889,887
*Casinos had capacity limits due to the pandemic
March of 2023 had the highest monthly revenue total ($117.8 million) of the year. The same occurred in March of 2022 ($120.9 million). Will 2024 be able to keep up the trend?
Retail sports betting dies down with NFL wrapping up
Sports betting in Michigan, both online and retail, saw big boosts throughout the NFL season this year.
Some can attribute that to the success of the Detroit Lions.
With Detroit exiting the NFL playoffs on Jan. 28, all that remained for bettors in the NFL season was the Super Bowl.
The overall handle was still in line with February of last year, but the revenue this year was far different.
Both MGM Grand Detroit and MotorCity Casino took collective losses with their sportsbook in February, while Hollywood Casino had small revenue. Last February, the books made $475,913 in revenue. This year they lost $120,142.
- Hollywood Casino at Greektown: $129,665 on $5.4 million in wagers
- MotorCity Casino: -$128,011 on $4.7 million in wagers
- MGM Grand Detroit: -$121,796 on $3.1 million in wagers
The reasons for the losses are likely tied to NFL futures markets closing out following the Super Bowl.
The Detroit books will hope March Madness betting brings a boost in handle for next month’s total. Last March did just under $14 million in wagers at Detroit sportsbooks.
