DETROIT, Aug. 13, 2024 — Detroit’s casino industry showcased robust financial health this past July. The three major Detroit casinos collectively reported a monthly aggregate revenue (AGR) totaling $105.9 million.
Table games and slots drive revenue
Of the total AGR, an impressive $106.3 million stemmed from table games and slots. This figure highlights the casinos’ ability to attract and retain gaming enthusiasts, contributing significantly to their overall revenue.
Challenges in retail sports betting
Retail sports betting, however, faced hurdles, reflecting a negative revenue of ($399,229). Despite the setbacks in this segment, the strong performance in table games and slots sustained the casinos’ profitability.
Detroit’s gaming scene continues to be a cornerstone of the local economy, as evidenced by these July 2024 figures. Moving forward, efforts to bolster retail sports betting could further enhance overall revenue streams.
July 2024 revenue report: Detroit casinos experience a slight year-over-year decline
Detroit casinos witnessed a modest decline in their revenue from table games and slots for July 2024, registering a 0.4% decrease when compared to the same month in the previous year. Despite this year-over-year dip, July’s revenue showed an improvement of 1.7% over June 2024. Year-to-date figures from January 1 through July 31 indicate a small increase of 0.3% in revenue for table games and slots compared to the same period last year.
Detroit casinos report mixed monthly gaming revenue for July 2024
The latest gaming revenue results reveal a mixed performance for Detroit’s casinos compared to the same period last year. In July 2024, the three major Detroit casinos contributed $8.61 million in gaming taxes to the State of Michigan, a slight decrease from the $8.65 million paid in July 2023.
Additionally, these casinos reported making $12.7 million in wagering taxes and development agreement payments to the City of Detroit in July. This financial contribution is critical for supporting various city development projects and community initiatives.
Monthly gaming revenue comparison
| Month | State Gaming Taxes | City Development Payments |
|---|---|---|
| July 2023 | $8.65 million | $12.7 million |
| July 2024 | $8.61 million | $12.7 million |
As the casinos continue to navigate the shifting landscape of the gaming industry, their financial contributions remain a vital component of both state and city budgets.
July revenues take a dip
Detroit’s trio of casinos recorded a combined retail sports betting handle of $6.58 million for the month of July. However, the total gross receipts for this period were negative, amounting to a loss of $379,047.
Year-over-year decline
When comparing the retail sports betting qualified adjusted gross receipts (QAGR) to July of last year, a significant decrease of $876,771 was reported. This considerable decline highlights the challenges faced by the sector over the past year.
Tax contributions
Despite the dip in gross receipts, the casinos contributed to the state’s revenue through taxes. For July, they paid $9,371 in gaming taxes to the state and submitted $11,453 in wagering taxes to the City of Detroit from their retail sports betting revenue.
June 2024 fantasy contest revenue hits $705,341
Expert casino game analysts report that fantasy contest operators have seen a promising rise in revenues for June 2024. The latest figures indicate that total adjusted revenues have reached $705,341. This shows a continued interest and participation in fantasy contests.
The sector’s performance is not only reflected in the revenue but also in the taxes paid. Fantasy contest operators contributed $59,249 in taxes for the month of June. This underscores the substantial role these operators play in the broader gaming industry and their contribution to the economy.
Such financial metrics are vital for stakeholders and enthusiasts who track market trends and dynamics within the casino and gaming industry. June’s figures highlight both the profitability and fiscal responsibility of fantasy contest operators.
Stay tuned for more updates and in-depth analyses from our team of casino game experts as we continue to monitor the industry’s performance in the coming months.
Responsible gambling: essential resources for Michigan residents
Gambling should always be a source of entertainment, not distress. If you or someone you know is struggling with a gambling problem, immediate assistance is available through the National Problem Gambling Helpline at 1-800-GAMBLER or by texting 800GAM. 24/7 support can also be accessed online at www.1800gamblerchat.org.
Michigan citizens can visit the Responsible Gaming page on the Michigan Gaming Control Board (MGCB) website for comprehensive information on self-exclusion programs. Options include the Disassociated Persons List and the Internet Gaming and Sports Betting Responsible Gaming Database. Additionally, DontRegretTheBet.org offers further tools for responsible gaming.
The Michigan Gaming Control Board is dedicated to ensuring fair and honest gaming practices to safeguard the interests of Michigan residents. For more detailed information, visit Michigan.gov/MGCB.
Quick resources
Here’s a brief list of key resources:
- National Problem Gambling Helpline: 1-800-GAMBLER;
- Text Support: 800GAM;
- www.1800gamblerchat.org;
- DontRegretTheBet.org;
- Michigan Gaming Control Board;
Responsible gaming programs
| Program | Description |
|---|---|
| Disassociated Persons List | A self-exclusion program to help individuals limit their gaming activities. |
| Internet Gaming and Sports Betting Responsible Gaming Database | Designed to promote responsible gambling online. |
