Detroit Casinos Report $86.38 million in February Revenue
February’s revenue report for Detroit’s three commercial casinos will be the last one with distorted year-over-year comparisons.
The coronavirus pandemic struck last March, effectively shutting down the casinos and forcing each to operate at reduced capacity when they reopened. February 2020 had the last bit of normalcy before everyone’s daily life changed.
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For the February 2021 revenue report, the three casinos reported $86.38 million in monthly aggregate revenue. Table games and slots were responsible for $86.46 million, while retail sports betting produced a $77,627 loss.
The February table games and slots revenue was a 29% decrease compared to the February 2020 totals but was just 0.4% down from January 2021.
MGM Grand Detroit had the largest market share at 40%. MotorCity Casino came in second at 36% and Greektown Casino finished with 24%.
MGM’s monthly gaming revenue fell 34.6% from last year to $34.43 million and MotorCity’s monthly revenue decreased 22.9% to $31.24 million. Greektown saw a fall of 27.3% to $20.79 million.
The three casinos paid the state $7 million in gaming taxes. A year ago, the state received $9.9 million for gaming taxes in the same month.
Meanwhile, the casinos submitted $10.3 million in wagering taxes and development agreement payments to the city of Detroit.
As a result of pandemic closures last year, the Detroit casinos produced just over $299 million in combined revenue in the first six months of 2020, compared to the more than $733 million in the first six months of 2019, a 59% drop.
Retail Sportsbooks Take a Loss
Collectively, the three commercial casinos in Detroit reported a sports betting loss of $77,627 with a total handle of $23.7 million. Greektown reported $114,814 in retail sports betting qualified adjusted gross receipts for the month, but MGM recorded a loss of $8,761 while MotorCity reported a loss of $183,680.
Michigan launched mobile sports betting and online casino in late January.
The casinos paid $4,340 in sports betting taxes to the state and also reported submitting $5,304 in sports betting taxes to the city of Detroit.
For January, fantasy contest operators reported total adjusted revenues of $2.2 million and paid taxes of $186,699. The fantasy contest reports are a month behind the casino and retail sports betting reports.