Greektown Casino’s summer surge helped lift casino revenue in Detroit to $106.7 million in July, according to figures released Tuesday by the Michigan Gaming Control Board.
The PENN Entertainment venue has been the best operator among the three casinos in terms of year-over-year performance. July was no different, as its $25.3 million in adjusted revenue was 27.5% higher than last year. It is the only casino to have overall year-over-year growth for the calendar year, as its $170.4 million is 15% better than the first seven months of 2022.
On the flip side, MotorCity’s FanDuel-powered sportsbook absorbed its third loss in the last four months, though the July deficit of nearly $32,400 was notably smaller than those incurred in April and June. MotorCity’s sportsbook is down $1.2 million in gross revenue for 2023 and has a -4.7% hold compared to a Detroit-leading 10.9% win rate in 2022.
The $106.7 million in total casino revenue represented a 0.7% gain versus July 2022, while the $749.1 million year-to-date combined revenue from the three casinos is up 0.9% against the same period last year. The state received $8.6 million in tax revenue for July, while the city of Detroit welcomed $12.7 million into its coffers.
Also on Tuesday, the MGCB unanimously approved license renewals for all three Detroit casinos. The licenses are reviewed on an annual basis.
Greektown spins the overall numbers higher
Greektown has been remarkably consistent in terms of revenue in 2023, reaching $22 million every month. July’s total was the second-highest of the year, trailing only the $27.6 million generated in March. By comparison, it cleared $22 million only five times in 2022.
MGM Grand climbed back over $50 million for the first time since April, clearing the benchmark by slightly more than $35,000. Its total was down 2.4% compared to last July, but its year-to-date total of $351.3 million is only off 1.7% versus the first seven months of 2022.
MotorCity’s revenue of $31.4 million was down nearly 10% against July 2022’s numbers and marked its lightest total since accruing $31.2 million in February. It has the biggest year-over-year decline among the three casinos in overall revenue at 4.2%, with $227.5 million generated in the calendar year.
Despite the marginal overall revenue gains, the city of Detroit has seen a notable increase in tax revenue compared to 2022. The $93.1 million collected this year is $4.8 million ahead of last year’s pace, while the state taxes totaling $60.7 million mark an increase of less than $520,000.
Retail sportsbooks suffer from lack of action
MotorCity’s year-to-date losses in sports wagering are put in a harsher light when considering the complete picture of in-person betting. The overall retail handle for July was just short of $8 million, down 57.8% compared to 2022. Handle thus far this year is $89.7 million, barely more than half the $176.4 million in accepted wagers in the first seven months of 2022.
Greektown’s Barstool-powered sportsbook had a 12.1% hold for July to lead the trio in gross revenue at more than $397,000, while MGM Grand’s BetMGM book had a more modest 5.4% win rate to keep nearly $121,000 of $2.2 million handle.
The good news was that the overall gross revenue of close to $486,000 in July was a positive swing of more than $864,000 from June. It was, however, 61.4% lower than the same month last year. The retail sportsbooks have combined for only $3.1 million in gross revenue this year with a slender 3.4% win rate — 33.6% lower than 2022.
Photo: Getty Images
