Detroit Casinos See Small Decline in Revenue for 2023, According to Latest Results

The Michigan Gaming Control Board (MGCB) has released the financial performance of Detroit’s three casinos for 2023. The properties reported a total monthly aggregate revenue of $116.2 million for December and a total yearly aggregate revenue of $1.237 billion for the entire year.

In December, $111.4 million of the total revenue came from table games and slots, while sports betting brought in $4.8 million in revenue. MGM held the largest market share at 44%, followed by MotorCity at 32% and Hollywood Casino at Greektown at 24%. MGM saw a slight decline of 0.7% in revenue, while its competitors posted year-on-year increases.

The three Detroit casinos paid $9 million in gaming taxes to the state and submitted $13.8 million in wagering taxes and development agreement payments to the City of Detroit in December. Overall, the three casinos paid $21.8 million in gaming taxes for the quarter.

However, the quarterly results for Q4 were suboptimal for all three casinos. MGM’s quarterly revenue declined by 17.7% to $118.6 million, MotorCity experienced an 11.6% year-on-year decline, reporting quarterly revenue of $84.4 million, and Hollywood Casino at Greektown reported $66.2 million in revenue, a 4.7% decline.

The total annual revenue for the casinos saw a slight 3.1% year-on-year decrease to $1.237 billion, with 80% generated by slot games, 19% from table games, and only 1% from retail sports betting. MGM maintained its dominance in Detroit with a 46% market share for 2023, followed by MotorCity at 31% and Hollywood Casino at Greektown at 23%.

In 2023, the three casinos paid $99 million in wagering taxes for slots and table games and $528,314 in wagering taxes for retail sports betting. Additionally, the MGCB reported that fantasy contests generated $21.3 million in adjusted revenues and $1.8 million in taxes for the period from January 1 through November 30, 2023.