The Michigan Gaming Control Board reported commercial casino revenue totaling $118.8 million for the month of March on Tuesday, getting the expected month-over-month bounce that comes with three extra days of wagering compared to February. But the total fell short of last year’s March numbers.
The figure was 2.6% off the $120.9 million generated in March 2022, which also served as a high-water mark for last year. It was also 12.2% higher compared to February’s total of $105 million. Detroit’s three casinos generated $326.2 million in revenue for the first quarter of 2023, an increase of 3.4% versus the comparable period last year.
It was a good month for the three retail sportsbooks in terms of sports wagering revenue, as the trio reported $1.4 million in gross winnings for March. That was just over triple the February total of $459,000. While handle was up 14.1% from February to $13.9 million thanks to the NCAA Tournament, it was also down a steep 47.1% from the same month last year.
The state received $9.5 million in tax receipts from casino wagering, while the city of Detroit collected $14 million in levies. The $46.7 million in tax revenue for the city in the first quarter was 24.4% higher than the first three months of 2022.
Greektown the lone venue with March growth
All three Detroit casinos had solid gains compared to February, but Greektown was the lone venue to report year-over-year revenue growth. It finished with $27.6 million, up 7.5% compared to 2022, and allowed the PENN-operated location to have quarterly growth of 11.1% versus the first three months of last year.
MGM Grand topped the trio in revenue at $54.4 million, the fourth consecutive month it surpassed $50 million. Its year-over-year quarterly growth was 2.5%, dragged down by a 2.7% decline in revenue compared to March 2022.
MotorCity had the sharpest year-over-year decline for casino revenue, sliding 9% to $35.8 million for March. That contributed to a year-over-year quarterly decline of 0.9%
Barstool providing bulk of retail revenue
It was a rough opening quarter for the three retail sportsbooks, which saw handle plunge 52.7% from the same period in 2022 to $41.4 million. Gross revenue tailed off 33% to $2.1 million due to sub-4% holds in both January and February. March was a little bit of a return to normal, as the 10.3% hold was the fifth in double figures spanning the last eight months.
Barstool Sportsbook at Greektown was the pace-setter for both handle and revenue at $6.5 million and $702,670, respectively, good for a 10.9% win rate.
The FanDuel-powered sportsbook at Motor City also got back to its winning ways, posting a state-best hold of 13% to claim nearly $445,000 from $3.4 million wagered. MGM Grand swung into the black for the first time in 2023 after its 7% hold on $4 million handle provided nearly $284,000 and erased a deficit of some $49,000.
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