Detroits three commercial gambling houses observed a 12.5% annual rise in earnings in October, even though there was a considerable reduction in contributions from retail sports wagering.
The MGM Grand Detroit, MotorCity Casino, and Greektown Casino Hotel, owned by Penn National, produced a total of $114.1 million in earnings.
This signifies a 3.6% increase contrasted with September 2021 and a 12.5% increase compared to October 2020 – when the gambling houses were operating at 15% capacity after reopening from COVID-19 closures.
The majority of the casinos’ earnings came from slot machines and table games, totaling $111.5 million, an 18.9% increase year-over-year and a 4.2% increase from the preceding month.
MGM Grand witnessed the largest revenue increase compared to October 2020, with a 39.4% jump to $52.7 million.
While MotorCity remained ahead of Greektown, its slot machine and table game revenue only increased slightly by 1.8% to $36.9 million, while Greektown saw a 10.8% increase to $21.9 million.
The three gambling houses paid $9 million in gaming taxes, compared to $7 million in October 2020.
The state of Michigan collected a substantial $6 million in revenue over the previous twelve months. Furthermore, Detroit generated $13.8 million in gambling taxes and development agreement payments in the same period.
Although casino gambling exhibited robust performance, retail sports betting revenue experienced a significant decline. Adjusted gross revenue decreased by 65.2% to $2.6 million, despite the fact that retail betting was the sole legal form of sports betting in October 2020, while online betting became available in January 2021.
MGM Grand dominated the market, generating $1.4 million in revenue, surpassing Motor City’s $671,009 and Greektown’s $588,847. Gamblers placed bets totaling $34.2 million on sports betting at these three establishments.
This resulted in $99,977 in taxes for the state and an additional $122,194 for Detroit.
Consequently, Motor City leads the market in revenue as of October 31, with $7.4 million. MGM Grand closely follows with $7.1 million, and Greektown occupies third place with $7 million.
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