Detroit Casinos Report $114.1 Million October Monthly Aggregate Revenue
According to a press release, the three Detroit casinos reported $114.1 million in monthly aggregate revenue in October. Table games and slots generated $111.5 million in revenue, and retail sports betting produced revenue of $2.6 million.
The October market shares were:
- MGM, 47 percent
- MotorCity, 33 percent
- Greektown, 20 percent
October’s monthly revenue for table games and slots was 18.9% higher than October 2020. Monthly revenue was up by 4.2% when compared to September 2021 results. For the year, table games and slots revenue rose 91.1% through October 31, 2021, compared with the first 10 month of last year.
When compared with October 2020, monthly gaming revenue rose:
- MGM, 39.4 percent to $52.7 million
- MotorCity, 1.8 percent to $36.9 million
- Greektown, 10.8 percent to $21.9 million
The three Detroit casinos paid $9 million in gaming taxes to the State of Michigan. The casinos also reported submitting $13.8 million in wagering taxes and development agreement payments to the City of Detroit in October.
Retail sports betting qualified adjusted gross receipts (QAGR) were down 65.2% during October compared with the same month last year and down by 23.6% when compared with September 2021 results. Total gross receipts were $2,642,322 and total handle was $34,221,338. MGM led the way with QAGR of $1,385,030, followed by MotorCity with $671,009 and Greektown coming in at $588,847. The casinos paid $99,977 in retail sports betting tax to the state and reported submitting $122,194 in retail sports betting taxes to the City of Detroit.
Year to date through October 31 aggregate retail sports betting qualified adjusted gross receipts by property were:
- MGM, $7,125,404
- MotorCity, $7,364,269
- Greektown, $7,022,289
For the month ended September 30, fantasy contest operators reported total adjusted revenues of $1,571,786 and paid $132,030 in taxes.
Fantasy contest operators reported aggregate fantasy contest adjusted revenues of $11.9 million, and taxes paid were $1 million for year to date through September 30, 2021.
Marian Ilitch Named to Crain’s 100 Most Influential Women List
Crain’s Detroit magazine has named Marian Ilitch, the owner of MotorCity Casino in Detroit, Michigan, to it’s 2021 “100 Most Influential Women” list. The magazine noted that Ms. Ilitch helped grow a small restaurant that started in Garden City, Michigan into a global pizza enterprise. Additionally, Ms. Ilitch’s significant role as a casino owner in both Detroit (MotorCity Casino) and now in Atlantic City, New Jersey (Ocean Casino Resort) was cited. Ms. Ilitch has been a key contributor to the revitalization of Detroit, having acquired the Fox Theater with her husband in the late 1980’s that triggered a resurgence of downtown Detroit and much additional development and investment by others. She and her family have been major contributors to charitable endeavors in the community, contributing over $200 million just since the year 2000. The profile of Ms. Ilitch at Crain’s is available at the following link:
Kambi Enters Into Deal With Saginaw Chippewa Tribe to Provide Sports Betting Platform
This week, Kambi announced that it has entered into an agreement with the Saginaw Chippewa Gaming Enterprises to provide a multi-channel sportsbook. Under the terms of the deal, Saginaw Chippewa Gaming Enterprises will integrate Kambi’s sportsbook platform for on-property rollouts at two casino properties, Soaring Eagle Casino & Resort and Saganing Eagles Landing Casino & Hotel, in addition to launching an online sportsbook.
Saginaw Chippewa Gaming Enterprises, which is owned and operated by the Saginaw Chippewa Indian Tribe, will be utilizing Kambi’s technology and sports betting services, including the Kambi kiosk, Bring Your Own Device technology, and Kambi’s Bet Builder product.
Kristian Nylén, Chief Executive Officer of Kambi, said: “A key part of Kambi’s strategy has been to partner with market leaders and local heroes, and Saginaw Chippewa Gaming Enterprises certainly fulfils that criteria. Through its popular Soaring Eagle Casino & Resort and Saganing Eagles Landing Casino & Hotel properties, Saginaw Chippewa Gaming Enterprises has established a formidable brand and a large customer database in Michigan. At Kambi, we know what it takes to create a leading sportsbook product and we look forward to helping Saginaw Chippewa Gaming Enterprises deliver exciting sports betting experiences to its patrons.”
Melinda Coffin, Chief Executive Officer, Saginaw Chippewa Gaming Enterprises, said: “We are thrilled to announce our partnership with Kambi Group. Our loyal guests and Soaring Eagle team have been anxiously looking forward to sports betting at our casinos. We look forward to working with Kambi Group and providing a great experience for our guests.”
FinCEN Releases Updated Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments
In connection with a set of actions announced on Monday by the Department of the Treasury and focused on disrupting criminal ransomware actors, the Financial Crimes Enforcement Network (FinCEN) has released an update to its 2020 advisory on ransomware and the use of the financial system to facilitate ransom payments. The updated advisory reflects information released by FinCEN in its recent Financial Trend Analysis discussing ransomware trends, and includes information on current trends and typologies of ransomware and associated payments as well as recent examples of ransomware attacks. The updated advisory also sets out financial red flag indicators of ransomware-related illicit activity to assist financial institutions in identifying and reporting suspicious transactions associated with ransomware payments, consistent with their obligations under the Bank Secrecy Act.