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US – Slots help drive rebound in Detroit

By - 11 January 2022

The three Detroit casinos reported $1.294bn yearly revenue in 2021 with slots generating 77 per cent of revenue at $998.8m, table games provided 21 per cent of revenue at $268m and retail sports betting added two per cent of revenue at $26.95m.

By comparison, the casinos produced nearly $639m in aggregate revenue in 2020 and a record $1.454bn in 2019.

MGM Grand Detroit Casino had 43 per cent of the market, MotorCity Casino 35 per cent and Greektown Casino Hotel 22 per cent.

Year-over-year gaming revenue for slots and table games rose 104.2 per cent to $1.27bn. MGM Grand Detroit’s revenue rose 115.5 per cent to $554m. MotorCity Casino’s revenue was up 96.8 per cent to $438.3m. At Greektown Casino, revenue was up 95.2 per cent to $274.5m.

During 2021, the three Detroit casinos paid $102.6m in wagering taxes to the State of Michigan compared with $50.3m in 2020 on slots and table games revenue.

The three Detroit casinos reported making $160.8m in wagering taxes and development agreement payments on slots and table games revenue to the City of Detroit in 2021.

The three casinos reported aggregate retail sports betting qualified adjusted gross receipts of $26.95m

Qualified adjusted gross receipts are gross sports betting receipts minus the monetary value of free play incentives provided to and wagered by bettors.

The three Detroit casinos in 2021 paid $1m in taxes for retail sports betting to the State of Michigan compared with $690,865 in 2020. They reported submitting $1.26m in retail sports betting taxes to the City of Detroit.

The three casinos reported $112.5m in monthly aggregate revenue in December. Table games and slots generated $111.4m in revenue while retail sports betting produced $1.1m in revenue.

December 2021 table games and slots revenue was 405 per cent higher than revenue produced in December 2020 when the casinos were closed from Dec. 1 through Dec. 23 because of an epidemic order. Revenue for table games and slots also was up 7.2 per cent compared with November numbers.

December revenue rose 576.5 per cent to $51.4m for MGM compared with December 2020 results. MotorCity’s December revenue was up 284.9 per cent to $35m, and Greektown monthly revenue was up 365.9% to $25 million compared with December 2020.

During December, the three Detroit casinos paid $9m in wagering taxes to the State of Michigan compared with $1.8m paid in December 2020. The three Detroit casinos reported making $18.1m in wagering taxes and development agreement payments to the City of Detroit in December.

Retail sports betting qualified adjusted gross receipts (QAGR) $1.1m fell 41. per cent in December compared with December 2020 results. MGM generated $631,703 in sports betting, MotorCity $150,664 and Greektown $624,849. Total handle was $30,071,942, and total gross receipts were $1,155,678.

The State of Michigan received $47,498 in taxes, and the three Detroit casinos reported submitting $58,053 in retail sports betting taxes to the City of Detroit.

The three Detroit casinos’ fourth quarter aggregate revenue was up 99.3 per cent compared to the fourth quarter of 2020 when the casinos were closed from Nov. 18 through Dec. 23. Quarterly gaming revenue for MGM was up 131.4 per cent to $152.3m, MotorCity saw a 67 per cent increase to $105m and Greektown reported a 97 per cent increase to $69.4m.

For the quarter ended December 2021, the three Detroit casinos paid $26.5m in gaming taxes to the state compared with $13.3m for the same period last year.

During November, fantasy contest operators reported total adjusted revenues of $1.5m and paid taxes of $127,348.

Through November 30, fantasy contest operators reported $15.4m in aggregate fantasy contest adjusted revenues and paid $1.3m in taxes to the state in 2021.

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