Detroit casinos report yearly revenue increase in February

| By Nosa Omoigui
Michigan's three land-based casinos reported revenue figures of $94.7m in February 2022, an increase of 10.6% from the same period last year, despite negative retail sports betting revenue.

The revenue generated by the three Detroit-based casinos – MGM Grand, Motor City and Greektown – fell 3.4% when compared to the previous month.

Table game and slot revenue came to $95.7m, while sports betting operations made a loss of $872,552.

MGM Grand’s revenue came to $46.3m, Motor City had revenue of $28.9m, while Greektown’s revenue amounted to $20.4m.

In terms of market share, MGM maintained its leading position with 49%, Motor City had 30%, and Greektown had 21%.

All three paid $7.7m in state gaming taxes for the month, while wagering taxes and development agreement payments to the city of Detroit totaled $11.4m.

Sports betting handle for February was $25.4m. Qualified adjusted gross receipts (QAGR) were down $794,925 during February compared with the corresponding period last year. Monthly QAGR also decreased $2.8 million from January.

Revenue from fantasy sports operators also came to $1.7m.

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