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Detroit casinos report $109.6 million in December 2024 revenue, $1.29 billion for the year15 January 2025(PRESS RELEASE) -- The three Detroit casinos reported $109.6 million in monthly aggregate revenue for the month of December 2024. Table games and slots generated $109.3 million and retail sports betting generated $276,509. The December market shares were: - MGM Grand Detroit Casino, 47% - MotorCity Casino, 30% - Hollywood Casino at Greektown, 23% Monthly Table Games, Slot Revenue, and Taxes The casinos’ revenue for table games and slots for the month of December 2024 decreased 1.9% when compared to the same month last year. December’s monthly revenue was 2.7% higher when compared to the previous month, November 2024. From 1 January through 31 December, the Detroit casinos’ table games and slots revenue increased by 4.9% compared to the same period last year. The casinos’ monthly gaming revenue results were mixed compared to December 2023: - MGM, up 1.3% to $51.2 million - MotorCity, down 4.8% to $33.0 million - Hollywood Casino at Greektown, down 4.1% to $25.1 million In December 2024, the three Detroit casinos paid $8.9 million in gaming taxes to the State of Michigan. They paid $9.0 million for the same month last year. The casinos also reported submitting $13.5 million in wagering taxes and development agreement payments to the City of Detroit in December. Quarterly Table Games, Slot Revenue, and Taxes For the fourth quarter of 2024 that ended 31 December, aggregate revenue was up for all three Detroit casinos by 18.7% compared to the same period last year. Quarterly gaming revenue numbers for the casinos were: - MGM: $149.9 million - MotorCity: $97.8 million - Hollywood Casino at Greektown: $71.8 million Compared to the fourth quarter of 2023, MGM, MotorCity, and Hollywood Casino at Greektown were up by 26.4%, 15.9%, and 8.5%, respectively. The three casinos paid $25.9 million in gaming taxes to the state in the fourth quarter of 2024, compared to $21.8 million in the same quarter last year. Monthly Retail Sports Betting Revenue and Taxes The three Detroit casinos reported $19.77 million in total retail sports betting handle, and total gross receipts of $279,649 for the month of December. Retail sports betting qualified adjusted gross receipts were down by 94.2% in December when compared to December 2023, and down by 85.6% when compared to November 2024. December QAGR by casino was: - MGM: negative ($154,514) - MotorCity: $342,638 - Hollywood Casino at Greektown: $88,385 During December, the casinos paid $16,293 in gaming taxes to the state and reported submitting $19,913 in wagering taxes to the City of Detroit based on their retail sports betting revenue. Annual Revenue for Table Games, Slots, and Retail Sports Betting The total yearly aggregate revenue of $1.29 billion by the three Detroit casinos for slots, table games, and retail sports betting was generated by: - Slots: $1.03 billion (79.8%) - Table games: $250.96 million (19.4%) - Retail sports betting: $9.7 million (0.8%) The casinos’ market shares for the year were: - MGM, 47% - MotorCity, 30% - Hollywood Casino at Greektown, 23% Compared to 2023, slots and table games yearly gaming revenue for the three casinos were as follows: - MGM, up by 7.0% to $603.72 million - MotorCity, up by 3.3% to $385.87 million - Hollywood Casino at Greektown, up by 2.7% to $292.86 million Aggregate retail sports betting qualified adjusted gross receipts for 2024 was down by 30.6% to $9.7 million compared to last year, with MGM totaling $2.8 million, MotorCity totaling $4.0 million, and Hollywood Casino at Greektown totaling $2.9 million. In 2024, the three Detroit casinos paid the state $103.9 million in wagering taxes for slots and table games, and $372,729 in wagering taxes for retail sports betting. In 2023, they had paid $99.0 million and $528,314 for each, respectively. Fantasy Contests For November, fantasy contest operators reported total adjusted revenues of $1.2 million and paid taxes of $100,486. From 1 January through 30 November, fantasy contest operators reported $8.5 million in aggregate fantasy contest adjusted revenues and paid $713,587 million in taxes. |