Total revenue of three Detroit casinos exceeded $105 million in May

Total revenue for Detroit’s three casinos exceeded $105 million in May

According to the Michigan gambling regulator, Detroit casinos made a combined $105.6 million (R8.9 billion) in May 2023. The leader in market share was the MGM establishment (47%). It was followed by MotorCity (31%) and Hollywood Casino in Greektown (22%).

Revenues from table games and slot machines were $104.7 million ($8.84 billion). Last May’s figure was up 1.4% and revenue in April was up 4.5%. However, the result for the first five months of 2023 was 0.4% higher than the statistics for the same period last year.

If you compare the May results for 2023 and 2022, only Hollywood Casino revenue increased by 7.4%, $23.3 million (almost 2 billion rubles). MGM Casino showed a decline of 1.4% ($ 49.3 million or 4.16 billion rubles), MotorCity – by 7.1% ($ 32.1 million or 2.7 billion rubles).

Total taxes to the state were $8.5 million ($718.3 million). This is $100,000 (RR 8.45 million) less than last year. Detroit received deductions totaling $12.5 million (RR 1.056 billion). This includes taxes and payments under the development agreement.

As for the betting segment, total gross revenue reached $921,268 (R77.85 million). Adjusted gross revenue from retail sports betting was higher than in April, but 62.6% lower than in May 2022. The leader in this indicator was MGM Casino ($470,510 or RR39.76 million). Next comes MotorCity ($395,677 or $33.4 million) and Hollywood Casino ($27,545 or $2.3 million). The state received $33,783 (2.85 million rubles) in betting taxes for May. Detroit casinos paid $41,290 (nearly 3.5 million rubles) in tax deductions.

Recall: a JPMorgan analyst praised the prospects of iGaming-focused bank MVB Financial.

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