Michigan Casino: MGM flourishes in Detroit’s market in January

Michigan Casino: MGM flourishes in Detroit’s market in January

In January, Michigan‘s three real-money casinos, all located in Detroit, generated $100.9 million in income, with table games and slots accounting for $98.97 million and sports betting accounting for $1.93 million. 

MGM Grand Detroit continues to lead the market with a 49 percent market share, ahead of MotorCity Casino’s 30% and Greektown’s 21%. The casinos’ January table games and slot machine revenue increased 14% compared to January 2021 but fell 11.1 percent month over month from December.

January Report for Michigan Casino Industry

In comparison to a year ago, monthly gaming income increased 43.3 percent to $48.65 million for MGM and 4.1 percent to $20.45 million for Greektown but fell 9.9 percent to $29.87 million for MotorCity. In January 2021, the casinos operated at reduced capacity due to pandemic-related health concerns. The gaming establishments paid the state of Michigan $8 million in gaming taxes, up from $7 million in the same time the previous year, as well as $11.8 million in wagering taxes and development agreement payments to the city of Detroit.

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Retail sports betting qualified adjusted gross receipts fell 52.4 percent to $1.93 million in January from a year ago and were down 74.8 percent from December. The total handle for the month was $35.87 million, with Greektown leading the way with $929,796, followed by MotorCity with $521,493 and MGM with $481,785. The state earned $73,070 in retail sports betting taxes from casinos, while the properties paid the city $89,308 in retail sports betting taxes. Fantasy contest operators reported total adjusted revenues of $772,465 and tax payments of $64,887 in December, with these figures expected to reach $16.2 million and $1.4 million, respectively, for the full year of 2021.

MGM Grand Detroit

All out-of-town visitors and locals can hear the boom from the luxurious $800 million MGM Grand Detroit. MGM Grand Detroit is the first Las Vegas-style resort to open in a large urban core, developed by MGM Resorts International, one of the world’s most respected hotel and casino firms, and funded by Metro-Detroit Partners LLC. With nearly 3,500 of the newest slots and video poker machines, nearly 150 table games, unmatched luxury rooms and suites, an array of dining options, southeast Michigan’s only resort-style spa, and 30,000 square feet of meeting and convention space, MGM Grand Detroit has established itself as the state’s ultimate hotel and entertainment destination. With about 3,000 team members, MGM Grand Detroit is one of the area’s largest employers. The MGM Grand Detroit hotel accepts visitors who are 21 years of age or older.

 

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.