February remains the cruelest month for Detroit’s three casinos when it comes to retail sports betting. Overall, the three casinos reported $94.7 million in aggregate revenue last month, but retail sports betting posted a loss of $872,552. Online sports betting statistics from February have not yet been reported.
It was the second straight year in which February was a tough month for Detroit’s retail sportsbooks. This year, though, all three posted losses in qualified adjusted gross receipts (QAGR). In 2021, Greektown Casino was in the black while MGM Grand Detroit and MotorCity Casino Hotel posted losses.
The Michigan Gaming Control Board reported total QAGR on retail sports betting was down $794,915 compared to February 2021. Monthly QAGR in February 2024 was down $2.8 million compared with January’s results.
With the losses, neither the city of Detroit nor the state of Michigan received tax revenue from retail sports betting in February 2024. In 2021, Detroit received $5,304.41 in tax revenue from Greektown Casino, with the state receiving $4,339.97 in tax payments.
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Breaking Down Detroit Casinos’ Retail Sports Betting Losses
In February 2021, Detroit’s casinos were operating under capacity limits due to COVID-19. No such limits were in place last month.
The MGM Grand Detroit posted a negative QAGR of $175,082.10 this February. A year earlier, it posted a negative QAGR of $8,761.05.
MotorCity Casino’s negative QAGR was $400,346.70 last month, compared to a loss of $183,680.00 in 2021.
Greektown Casino posted a positive QAGR of $114,814.15 in February 2021. The script was flipped last month, though, with Greektown reporting a negative QAGR of $297,123.60.
The three casinos had a total handle of $25,373,474.08 last month. That represented an increase of $1,661,491.55 compared to February 2021.
While the Super Bowl is played each February, the rest of the month is devoid of high-profile events for sports bettors.
January, by comparison, features college football bowl games and the national championship game. In addition, January features a full slate of NFL playoff games.
Despite the February losses, all three casinos report positive aggregate retail sports betting QAGR through the first two months of this year.
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Detroit’s Casinos Post Strong Overall Profits In February
While retail sports betting showed a loss, table games and slots generated $95.6 million in revenue last month. Operating without capacity limits, the casinos reported a $10.6% revenue increase for table games and slots compared to last February.
While monthly revenue was down 3.4% compared to January, combined revenue was up $12.3% compared to the first two months of 2021.
Compared to a year, monthly gaming revenue results by property compared to February 2021 results were:
- MGM, up 34.4% at $46.3 million
- MotorCity, down 7.3% at $28.9 million
- Greektown, down 2.1% at $20.4 million
The state of Michigan received $7.7 million in gaming taxes last month compared to $7 million a year ago. Detroit received $11.4 million in wagering taxes and development agreement payments last month.
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