Thanks to COVID-19 health issues, Detroit’s three casinos posted $86.38 million in monthly net sales in February while running at a reduced capacity. Table games and slots took in $86.46 million in sales, while retail sports betting brought in a loss of $77,627.
In terms of retail sports betting qualified adjusted gross receipts for February, Greektown Casino recorded $114,814 in retail sports betting qualified adjusted gross receipts, while MGM reported a $8,761 loss, and MotorCity reported a $183,680 loss.
Gross sports betting receipts minus the cash value of free play benefits given to and wagered by bettors are known as eligible adjusted gross receipts.
In February, the casinos posted a combined handle of $23,711,983 and paid $4.34 million in taxes to the state on retail sports betting. They also announced paying the city of Detroit $5.3 million in retail sports betting taxes.
MGM Grand Detroit Casino has a 40 percent market share, led by MotorCity Casino with 36 percent and Greektown Casino Hotel with the remaining 24 percent.
In terms of table games, slot sales, and income, the trio’s February table games and slots revenue plummeted by 29 percent from February 2020. The monthly revenue was down 0.4 percent from January’s estimates.
MGM’s monthly gaming sales fell 34.6 percent to $34.43 million in February 2020, compared to February 2019. MotorCity’s monthly gaming sales plunged 22.9 percent to $31.24 million, while Greektown’s revenue dropped 27.3 percent to $20.79 million.
The Detroit casinos paid the state of Michigan $7 million in gambling taxes in February, compared to $9.9 million in the same month last year. During February, the three reported paying the city of Detroit $10.3 million in wagering taxes and construction arrangement fees.
For the month of January, fantasy contest operators announced gross adjusted sales of $2.2 million and tax payments of $186,699 to the IRS.