Detroit Casinos Report $94.4 Million in January Aggregate Revenue

According to the January revenues released by the Michigan Gaming Control Board (“MGCB”), the three Detroit casinos reported $94.4 million in monthly aggregate revenue in January. Table games and slots generated $93.9 million in revenue, and retail sports betting yielded $500,211.

The January market shares were:

MGM, 48%
MotorCity, 33%
Hollywood Casino at Greektown, 22%

Monthly revenue for table games and slots decreased 9.1% when compared to January 2023 results and decreased 15.7% when compared to December 2023 results.

When compared with January 2023, all monthly gaming revenue decreased as follows:

MGM, $44.6. million, decrease of 11.3%
MotorCity, $27.1 million, decrease of 10.4%
Hollywood Casino at Greektown, $22.2 million, decrease of 2.9%

The three Detroit casinos paid $7.6 million in gaming taxes to the State of Michigan in January 2024, compared to $8.4 million for the same month last year. The casinos also reported submitting $11.2 million in wagering taxes and development agreement payments to the City of Detroit in January 2024.

The three Detroit casinos reported $24.2 million in total sports betting handle and total gross receipts were $500,988 for the month of January 2024. Retail sports betting qualified adjusted gross receipts (“QAGR”) reported for January were up by $389,197 when compared to the same time last year. Monthly QAGR was down by $4.3 million when compared to December 2023.

January QAGR by property were:

MGM, $403,926
MotorCity, $1.1 million
Hollywood Casino at Greektown, negative ($1.0 million)

The three Detroit casinos reported submitting taxes on retail sports betting in the amounts of $58,073 to the State of Michigan, and $70,978 to the City of Detroit for January 2024.

In addition to reporting revenue from the three Detroit casinos, the MGCB released revenue numbers from fantasy contest operators.

Fantasy contest operators reported total adjusted revenues of $484,140 and paid taxes of $40,668 during December 2023.

Top revenue generators were:

DraftKings, $738,650.51
FanDuel, $415,606.16

From January 1 through December 31, 2023, fantasy contest operators reported $21.8 million in aggregate fantasy contest adjusted revenues and paid $1.8 million in taxes.

American Participation in Legal Sports Wagering and Fantasy Sports Grows by Another 10%, Exceeding $84 Million

According to a research study conducted by Angus Reid Group for the Fantasy Sports & Gaming Association (“FSGA”), legal sports wagering and fantasy sports are engaged in by 84.6 million adults across the U.S. This represents a 10% increase in total bettors/players since 2023.

Key takeaways from the survey include:

Fantasy sports players rely heavily on content resources like word of mouth and TV with rankings, forecasts, and advice being the most researched topics.
21% of Americans played fantasy sports in the last 12 months
25% of Americans bet on sports in the last 12 months.

Both of the percentages above are all-time highs since tracking began in 2007.

The survey results revealed that the top women’s sports for fantasy are basketball (WNBA), Esports, tennis and soccer, while the top women’s sports for betting are basketball, soccer, tennis and MMA.

With responsible gaming becoming a more important part of the conversation, the survey revealed that self-awareness of personal responsible gaming measures is high and elevates trust in the operator.

“Research is a staple of the FSGA and we need to be investing in MORE research,” said FSGA Chair Brandon Loeschner. “I continue to be encouraged by the industry’s growing numbers and I want to thank our Research Committee and Angus Reid Group for their work to compile this important data.”

First-Ever ESPN BET Sportsbook to Open Inside Hollywood Casino at Greektown

The sportsbook inside Hollywood Casino at Greektown will rebrand to ESPN BET this April, ESPN and PENN Entertainment officials announced. The ESPN BET location will be the first in the country.

“We’re thrilled to announce that our market-leading sportsbook Hollywood Casino at Greektown will debut as the first ESPN BET-branded sportsbook in our portfolio,” PENN Entertainment CEO and President Jay Snowden said in a release. “Together with ESPN, we look forward to expanding the ESPN BET brand with our premium retail sportsbooks and creating unique omni-channel experiences at key PENN properties across the country.”

PENN Entertainment, which currently operates Hollywood Casino at Greektown, originally acquired Barstool Sports in February 2023 and operated a Barstool Sportsbook inside the casino. However, the entertainment company reached a deal with ESPN this summer and sold Barstool back to its founder.

AGA State of the Industry: Gaming Look Ahead Upcoming Webinar

Join the American Gaming Association’s (“AGA”) President and CEO Bill Miller and Vice President, Research David Forman on February 20 at 11:30 AM ET as they report on full-year 2023 commercial gaming revenue figures, reflect on a record-breaking year, and look toward AGA priorities in 2024.

Registration is open now. Use this link for additional information and to register.

The AGA will host a press call immediately following the webinar.