Detroit's Three Casinos Continue Record-Setting Revenue Pace
There's never been a better time to be in the casino business in Detroit.
Last year, those same casinos posted a new annual record for adjusted gross revenue at $1.45 billion. That topped the previous year's record of $1.44 billion. All signs point to the Detroit casinos bringing in even higher profits during 2020, as the state's regulated sports betting program rolls out for the first time this week.
February 2020 vs. January 2020
In January, the MGM Grand, MotorCity Casino and Greektown Casino combined for $120.01 million in adjusted gross revenue to start the new year. The $121.76 million posted during February was 1.4% higher than that mark.
MGM Grand was the biggest winner in February with an adjusted gross revenue of $52.63 million. Next was MotorCity Casino at $40.51 million, followed by Greektown Casino at $28.61 million.
The three casinos combined for growth over the prior month's revenue numbers, but not individually. MGM Grand's adjusted gross revenue grew 5.3%. Greektown Casino grew 1.3% over that same timeframe, but MotorCity Casino saw a drop of 3.1% from January.
February 2020 vs February 2019
Revenue at the three casinos in February was 6.2% higher than February 2019 when they combined for $114.56 million.
All three casinos posted better revenue totals in February 2020 than they did during February 2019.
Casinos Launched Sports Betting on March 11
Even greater numbers could be on the way for the three casinos after each was cleared to offer legal sports betting wagers beginning on March 11.
Michigan does not yet offer legal online sports betting. But Detroit's three commercial casinos got the jump on the various tribal casinos in the state. As a result, the three casinos are poised to see a substantial amount of foot traffic from people looking to place to wagers on sporting events.
Numbers at the three Detroit casinos are already looking up for 2020 with the additional boom legal sports betting offers. The previous record of $1.45 billion set last year looks likely to fall during 2020.
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