Detroit casinos post revenue drop

During September, Detroit casinos posted US$112.3 million in revenue, down 2.5% year-on-year as they continue to await for sports betting approval.

US.- Sports betting continues to take over the US, but it hasn’t arrived in Detroit casinos yet. According to recent reports, the industry desperately needs it, as it posted a revenue drop once again.

During September, Detroit casinos raked in US$112.3 million, 2.5% down year-on-year. Moreover, the figure was 6.3% lower than the one reported back in August.

While most venues’ revenue grew (MotorCity 0.1%, Penn National Gaming’s Greektown 0.7%), MGM Grand Detroit dragged them down. With a 6.4% decrease, the MGM Resorts’ property drove Detroit casinos’ revenue to drop.

August figures at Detroit casinos

Monthly revenue totalled US$119.8 million in August at Detroit casinos.It meant a 0.5% decrease when compared to the same month in 2018. However, when taken into account the first eight months of the year, the casinos generated US$974.3 million in revenue, a 0.7% rise.

MGM Grand Detroit experienced the biggest revenue increase in August with a 0.7% hike to US$53 million. MotorCity Casino Hotel reported a 0.4% increase to US$40 million, while Greektown Casino-Hotel reported a 4.2% decline to US$426.8 million.

Moreover, MGM also experienced the biggest share of the market in August with 44%. It was closely followed by MotorCity’s 34% share and Greektown’s 22%. The three facilities sent US$18.5 million in taxes and payments to the city in August.