Detroit Casinos Revenue Up From August, Down From Last Year
In the second full month of operations since the COVID-19 shutdown, Detroit’s three casinos unsurprisingly reported losses for September in a year-by-year comparison.
Limited by a 15% capacity mandate because of COVID-19 health concerns, September 2020 revenue was down from a year ago, falling 22.3% to $36.1 million at MGM Detroit, 17.3% to $32.2 million at MotorCity and 27.2% to $19.6 million at Greektown. In total, the Detroit casinos reported $87.9 million aggregate revenue, according to a news release from the Michigan Gaming Control Board.
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The September 2020 revenue of $87.9 million was up 26.8% from the August total of $69.3 million, according to the state report. August marked the first month the three casinos reopened, with MotorCity and Greektown returning on Aug. 5 and MGM Grand reopening to the general public on Aug. 7.
For the third quarter, compared to the same time period last year, the three casinos’ aggregate revenue was down 55.2% to $157.3 million. Quarterly revenue dropped 57.2% at MGM Grand, 52.2% at MotorCity and 56.1% at Greektown.
Michigan Gaming and Taxes
Over the past two decades, Detroit casinos have paid more than $2.2 billion to Michigan, designated for public schools. In September, the three casinos paid $7.1 million in taxes to the state, compared to $9.1 million for the same month last year.
On the sports side, Michigan received $165,428 in retail sports betting taxes from the Detroit casinos during September.
The three casinos reported $4.4 million in qualified adjusted gross receipts during September. The qualified adjusted gross receipts are the gross sports betting receipts minus the monetary value of free play incentives provided to and wagered by the bettors. MGM reported $2.2 million, while MotorCity reported $1.5 million and Greektown was at $722,509.
Fantasy contest operators reported total adjusted August revenues of $2.3 million and paid $189,875 taxes to the state of Michigan. Year to date through Aug. 31, fantasy contest operators reported $7.2 million in aggregate fantasy contest adjusted revenues and paid the state $604,321 in taxes.