Detroit Casinos Produce $1.276 Billion in Aggregate Revenue During 2022
Detroit, Michigan (January 10, 2023) – The three Detroit casinos reported $1.276 billion in yearly revenue in 2022. Slots generated 77% of revenue at $983.7 million, table games provided 21% of revenue at $273.3 million, and retail sports betting added 2% of revenue at $18.8 million.
By comparison, the casinos produced $1.294 billion in aggregate revenue in 2021.
The 2022 market shares were:
- MGM Grand Detroit, 48%
- MotorCity Casino, 31%
- Hollywood Casino at Greektown, 21%
Table Games and Slot Revenue and Taxes – 2022
Year-over-year gaming revenue for slots and table games declined a fractional 0.8% to $1.26 billion. MGM Grand Detroit’s revenue rose 8.3% to $600 million. MotorCity Casino’s revenue fell 9.5% to $396.5 million. Hollywood Casino at Greektown reported a 5.1% decline in revenue to $260.5 million.
During 2022, the three Detroit casinos paid $101.8 million in wagering taxes on slots and table games revenue to the State of Michigan compared with $102.6 million in 2021.
The three Detroit casinos reported making $155.6 million in wagering taxes and development agreement payments on slots and table games revenue to the City of Detroit during 2022 compared with $160.8 million paid in 2021.
Retail Sports Betting and Taxes – 2022
The three casinos reported aggregate retail sports betting qualified adjusted gross receipts of $18.81 million, down 30.2% from the $26.95 million reported in 2021. The breakdown by the casino was:
- MGM, $6.21 million
- MotorCity, $5.55 million
- Hollywood Casino at Greektown, $7.05 million
Qualified adjusted gross receipts (QAGR) are gross sports betting receipts minus the monetary value of free play incentives provided to and wagered by bettors.
The three Detroit casinos in 2022 paid $711,087 in taxes for retail sports betting to the State of Michigan compared with $1 million in 2021. They reported submitting $869,107 in retail sports betting taxes to the City of Detroit compared with $1.2 million paid in 2021.
December 2022 results
The three casinos reported $109.9 million in monthly aggregate revenue in December compared with $112.5 million recorded in December 2021. Table games and slots generated $108.3 million in revenue while retail sports betting produced $1.6 million in revenue.
December 2022 table games and slots revenue declined 2.8% from revenue produced in December 2021. December revenue for table games and slots was up 8.4% compared with $99.9 million reported in November.
December revenue fell 0.8% to $51 million for MGM compared with December 2021 results. MotorCity’s December revenue dropped 5.7% to $33 million, and Hollywood Casino at Greektown’s monthly revenue declined 2.9% to $24.3 million compared with December 2021 results.
During December, the three Detroit casinos paid $8.8 million in wagering taxes to the State of Michigan compared with $9 million paid in December 2021. The three Detroit casinos reported making $13.4 million in wagering taxes and development agreement payments to the City of Detroit in December.
Retail Sports Betting Revenue and Taxes – December
Retail sports betting QAGR at $1.6 million rose 48% in December compared with December 2021 results of $1.1 million. The breakdown by the casino was:
- MGM, $723,474
- MotorCity, $548,710
- Hollywood Casino at Greektown, $364,788
Total handle was $16,082,392, and total gross receipts were $1,650,550. In December 2021, the total handle was $30,071,942, and the total gross receipts were $1,155,678.
The State of Michigan received $61,878 in taxes, and the three Detroit casinos reported submitting $75,628 in retail sports betting taxes to the City of Detroit.
Fourth Quarter Table Games and Slot Revenue and Taxes
The three Detroit casinos’ fourth quarter aggregate revenue was down 5.4% compared with the fourth quarter of 2021. Quarterly gaming revenue for MGM was down 5.4% to $144.1 million, and MotorCity saw a 9.1% decline to $95.4 million. Hollywood Casino at Greektown reported a fractional 0.02% increase to $69.4 million.
For the quarter that ended December 2022, the three Detroit casinos paid $25 million in gaming taxes to the state compared with $26.5 million for the same period last year.
During November, fantasy contest operators reported total adjusted revenues of $2.2 million and paid taxes of $188,286.
Through Nov. 30, fantasy contest operators reported $15.3 million in aggregate fantasy contest-adjusted revenues and paid $1.3 million in taxes to the state in 2022.
School Aid Fund Contributions
In the calendar year 2022, casino wagering taxes contributed $101,814,954 to the state School Aid Fund, and the fund received $711,087 from retail sports betting taxes.
“The Michigan Gaming Control Board shall ensure the conduct of fair and honest gaming to protect the interests of the citizens of the State of Michigan.”
SOURCE: Michigan Gaming Control Board.Tags: Michigan Gaming Control Board, three Detroit casinos