Led by MGM Grand, Detroit’s three retail casinos reported a 12.2% increase in revenue from slots and table games in March compared to February, with a figure of $117.8 million.
Total aggregate revenue, which includes sports betting revenue, was $119.2 million this past month. In 2022, that figure was $122.8 million.
The revenue from slots and table games for the three Detroit casinos fell by 2.6% compared to March of 2022. MGM Grand Detroit reported $54 million in revenue, MotorCity Casino was second at $35.8 million, and Hollywood Casino at Greektown reported $27.6 million, which represents a 7.5 percent year-over-year gain for that property.
The three Detroit casinos combined to pay $23.5 million in taxes on their March revenue, with $14 million going to the City of Detroit, and the rest being paid to the state.
Detroit Casino revenue up in Q1 compared to 2022
With the completion of the first quarter of 2023, we now can report that Detroit casinos have experienced growth in revenue by 3.4% compared to the same period in 2022. The total aggregate revenue was $326.2 million for January-March 2023, which includes all gaming activity.
First quarter 2023 slots and gaming revenue by casino:
- MGM Grand Detroit: $154.7 million (+2.5%)
- MotorCity Casino: $97.3 million (-0.9%)
- Hollywood Casino at Greektown: $74.2 million (+11.5%)
Retail sports betting in Detroit falls by 47% from March 2022
Online sports betting in Michigan continues to be strong, but retail betting is not. In March, sports betting wagers accepted at the three Detroit casinos fell nearly 50% from 2022.
Total handle at the three Detroit retail sportsbooks was only $13.9 million, which is down from $26.3 million in March 2022, which is a 47.2% decline from a year ago.
Retail sports betting qualified adjusted gross receipts (QAGR) in March came in at $1.4 million. That’s a precipitous 26.8% drop from the same month in 2022, which was $1.9 million.
Helped by March Madness, the QAGR in March was nearly $1 million more than the three casinos took in for February.
A ranking of the three Detroit casinos in retail sports betting based on QAGR for March 2023:
- Hollywood Casino at Greektown: $702,670
- MotorCity Casino: $424,382
- MGM Grand Detroit: $284,425
Hollywood Casino topped $1 million from sports betting in the first quarter in QAGR, the only one of the three Detroit casinos to do so.
More than $53,000 was paid in retail sports betting taxes was paid to the State of Michigan, and $65,210 was submitted to the City of Detroit, according to data supplied by the Michigan Gaming Control Board.
Big March Madness bets boost MGM Grand Detroit sports betting handle
Of the $4 million in bets placed at MGM Grand in March, a little more than $2 million was bet on March Madness. And a big chunk of that came on three bets.
MGM Grand accepted a $550K bet on San Diego State +7.5 in the national title game. It did not win, but it would have won the bettor $1.1 million.
There was also a $25K bet on a five-team parlay to win more than $110K, and a $20K bet on a six-team parlay to win nearly $407K. Neither parlay hit, however.