Detroit Casino Win Declines Nearly 3% in 2023 to $1.22B
Detroit casinos ended a two-year pandemic retrieval inwards 2023, as 144 gaming revenue (GGR) at the trine brick-and-mortar properties declined.
The stops Gaming Control Board on Tuesday revealed that December win at MGM Grand Detroit, MotorCity Casino Hotel, and Hollywood Casino at Greektown totaled $111.4 million. The income includes GGR from the casinos’ physical expansion slot machines and tabular array games, but not sports betting or iGaming.
December represented a 2.9% year-over-year increase, and was the city gaming industry’s second-best month inward 2023, in arrears only if March, when GGR totaled $117.8 million. But December’s GGR gifts weren’t sufficiency to bout the year-end gaming revenue describe positive.
With 12 months of information on the books, Detroit’s 2023 gambling casino win totaled or so $1.227 billion from slots and tables. Compared with 2022, when the tierce commercial-grade casinos won nigh $1.256 billion, endure year represented a 2.3% year-over-year GGR decline.
MGM Maintains Market Lead
MGM Resorts’ Motor City cassino once again led the three-casino market. MGM Grand Detroit won $564 million from legacy gamblers cobbler's last year to answer for for 46% of the local gaming industry.
MGM Grand Detroit’s 2023 win represents a 6% year-over-year free fall from when the casino won nearly $600 one thousand thousand in 2022. The gambling casino also lost a fleck of market place share, as the $599.9 million inward GGR it generated finally twelvemonth was nearly 48% of the city’s $1.256 one million million haul.
MotorCity also lost market share in 2023. The cassino owned by Ilitch Holdings, the investment vehicle of Mike and his widow woman Marian Ilitch, the founders of the Little Caesars concatenation and owners of MLB’s Detroit Tigers and the NHL’s Detroit Red River Wings, won more than $373.5 billion from players endure year.
MotorCity’s 30.5% market portion out represents a 1% diminution from 2022, when the casino commanded 31.5% of the local industry.
MGM and MotorCity’s securities industry share declines were grabbed past Hollywood Casino at Greektown. The gambling casino operated by William Penn Entertainment won $285.2 one thousand thousand on its slots and tabularize games, representing a 23% marketplace share. That’s up from 20.7% in 2022.
Penn acquired the operating rights to Greektown inwards May 2019 from Jack Entertainment, the casino stiff controlled past Detroit billionaire Dan William Gilbert of Rocket Mortgage fame. William Penn paid $300 jillion for the operating privileges, piece Caesars Entertainment’s tangible acres investiture bank Vici Properties paid $700 trillion for the real estate.
Penn pays Vici an annual lease of nigh $56 million. Penn rebranded Greektown to Hollywood at Greektown in May 2022 to best align with the company’s portfolio of Hollywood-branded properties.
iGaming, Sports Betting Cover Losses
Michigan casinos easy countervail their land-based GGR losses last year via their net gaming platforms and retail and online sportsbooks.
The casinos’ retail sportsbooks won $14 gazillion from bettors lastly year. Dec online sportsbook revenue hasn’t yet been reported. But from January through and through November, the casinos’ online sportsbook partners won $238 million.
MotorCity’s online sportsbook partner, FanDuel, henpecked the cyberspace betting space. FanDuel accounted for $164.5 meg of the online sportsbook win.
iGaming continued its growth inwards 2023, as GGR from online slots and table games totaled more than $940 million. BetMGM, the iGaming partner of MGM Grand Detroit, led the online cassino market place with GGR of $539.3 million.