The Michigan Gaming Control Board reported Monday that casino revenue from Detroit’s three venues totaled $105 million in February, the third consecutive month it reached nine figures.
The total represents a 1.6% increase from January’s amount of nearly $103.4 million. It was also a 9.8% improvement compared to the $95.6 million generated in February 2022, a figure that represented the lowest combined total from MGM Grand, MotorCity, and Greektown last year. The $208.4 million in revenue from the first two months of 2023 is currently 7.1% ahead of last year’s pace.
The state collected just over $8.5 million worth of taxes in February based on the 8.1% levy, an increase of nearly $135,000. The city of Detroit received close to $12.5 million, which was $3.8 million less than January.
Those figures do not include sports wagering at the casino’s three retail books, where handle and revenue were again soft but far better than February 2022, when all three lost money and paid out nearly $870,000 on top of the $25.4 million handle. The trio accepted more than $12.2 million in wagers, reporting nearly $460,000 in revenue for a 3.8% hold. State taxes totaled slightly more than $17,000, while Detroit received just over $21,000.
Greektown the big mover in terms of percentage
While its $23.7 million in February revenue was the lowest total of the three casinos, Greektown had the best performance relative to the previous month and the comparable period in 2022. Month-over-month revenue was up 3.5%, and the increase compared to February 2022 was 16.3%. Its revenue haul of $46.6 million in the first two months of 2023 is 14.1% better than last year.
MotorCity had a 3.2% increase in revenue from January, while year-over-year revenue improved by 7.9%. Its $61.5 million in revenue for 2023 is 4.6% ahead of last year’s pace.
MGM Grand topped $50 million in revenue for the third consecutive month, eking over that threshold by nearly $80,000, but its total was down 0.2% versus January. It was, however, an 8.2% increase versus February 2022. The biggest revenue generator in the state has already cleared $100 million in revenue and is currently 5.6% ahead of last year’s pace.
Retail sports wagering off to a sluggish start in 2023
February handle was off 51.8% compared to February 2022, though there was a Michigan-based angle in last year’s Super Bowl, when former Detroit Lions quarterback Matthew Stafford guided the Los Angeles Rams to victory. The $12.2 million in accepted wagers last month represented the lowest amount since bettors wagered a mere $11 million last August.
MGM Grand narrowly averted a second consecutive losing month — which would have been a first in state history — as it came out just under $6,000 ahead on $3.7 million handle for a measly 0.2% hold. It is still down slightly less than $49,000 through the first two months of the year.
MotorCity was the only venue to report an increase in handle versus January, climbing 11.6% to $4.1 million, but that did not translate to more revenue for the FanDuel-powered book. Revenue plunged 63.8% to just over $96,000, as the 2.3% hold was its lowest since finishing at minus 9% in February 2022.
Greektown also avoided a second straight losing month but did so in stronger fashion than MGM Grand. The Barstool Sportsbook venue generated close to $374,000 from $4.3 million handle for an 8.6% win rate.
The overall numbers from the first two months of the year show steep year-over-year declines. Handle is down 55.1% compared to 2022 at almost $27.5 million, while gross revenue is down 43.3% to just over $625,000. The 2.3% win rate this year is nearly one-half of a percentage point better versus last year, but February also marked the first time the retail books combined for sub-4% win rates in back-to-back months.
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