Commercial Michigan Casinos Experience Different October In 2022

The Michigan Gaming Control Board (MGCB) presented a further year-on-year and month-on-month decline in revenue from Detroit’s three casinos during the last month.

Namely, Michigan casinos in Detroit recorded a 10% drop in their land-based casino and sportsbook revenue to $102.8 million in October. At the same time last year, the total revenue reported was $114.1M.

Qualified adjusted gross receipts (QAGR) reached $2.1 million in revenue, a 19.4% decrease from September and another 20.8% decline compared to October 2021’s results.

Sports wagering handle came in at $34.2M in October, a 31.3% drop compared to last year but 27.1% up from $18.5M reported in September.

MGM remained the market leader among Michigan casinos

Market shares during October were split as follows:

  • MGM Grand Detroit: 46%
  • MotorCity Casino: 32%
  • Hollywood Casino at Greektown: 22%

Last month, the three Detroit casinos contributed $8.2 million in gaming taxes to the state of Michigan. Last year, that amount for October was $9 million.

As MGCB reported, the three casino operators submitted $12.4 million in wagering taxes and development agreement payments to the City of Detroit during September.

In October, the three venues paid $79,182 in retail sports betting gaming taxes to the state and an additional $96,778 in retail sports betting taxes to the city. State taxes from the sportsbooks paid in October last year were $99,977.

Michigan casino games revenue decline

Table games and slot machines produced $100.7 million in revenue, whereas retail sports betting generated $2.1 million. Compared to October 2021 results, table games and revenue from slot machines dropped 9.6%. October 2022 numbers are also a slight 0.1% decrease compared to September results.

MGM’s monthly gaming was down 11.9%, with $46.4 million coming from slots and table games and the other $711,959 generated from sports betting QAGR.

Likewise, MotorCity reported a 12.3% decrease with $32.4 million in slots and table games revenue and $680,649 in sports wagering QAGR.

Only Hollywood Casino at Greektown saw a slight increase of 0.3%, reporting $21.9 million in slots and table games revenue and $702,147 in sports betting QAGR.

Maryland and Ohio both showed revenue growth

Just for an industry comparison, Maryland casinos recorded one of the most profitable periods in history. For October, casinos in Maryland generated $212.9 million in gross gaming revenue. According to the Maryland Lottery and Gaming Control Commission (MLGCC), the six casinos exceeded the previous record of $181.5 million from July 2022.

The Ohio casino industry saw a slight increase in gaming revenue last month. The state’s 11 casinos and racinos produced $192.2M for October, only 0.3% down compared to last October’s $192.8 million. Likewise, Ohio casinos generated $83.1 million in net revenue for October, with year-to-date casino revenue generating 2.5% more than the previous year.

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