Detroit casinos see revenue drop 29% in Feb., 2nd full month since reopenings

Detroit's three casinos reported $86.38 million in revenue for February, down nearly 29% from the same month last year, which was the last month before the coronavirus pandemic forced casino closures and restrictions. 

The revenue results from MGM Grand Detroit, MotorCity Casino and Greektown Casino reported Tuesday by the Michigan Gaming Control Board reflect the second full month the venues were open since an extended, state-ordered closure starting in November. The properties are under capacity limits and must abide by other health protocols to prevent the spread of COVID-19.

The report included revenue and taxes from table games and slots, as well as from retail sports betting and fantasy contests. Next week, the agency is slated to release revenue numbers tied to online gaming and sports betting, which launched in Michigan in January, The Detroit News reports. Table games and slots at the three casinos generated $86.46 million in revenue, according to MGCB, for a 29% decline from February 2020. MGM's monthly gaming revenue fell 34.6%, to $34.43 million. MotorCity's, meanwhile, dropped 22.9%, to $31.24 million, while Greektown's was down 27.3% to $20.79 million.

Retail sports betting generated a total loss of $77,627. The three casinos reported a total handle of more than $23.7 million. This vertical was permitted to launch in the state early last year. Greektown reported $114,814 in qualified adjusted gross receipts from retail (or, in-person) sports betting for the month. MGM recorded a $8,761 loss, while MotorCity posted a loss of $183,680. 

MGM Grand had the highest market share, of 40%, in February. MotorCity Casino had 36%, while Greektown had 24%.

The three casinos paid $7 million in gaming taxes to the state last month, down from $9.9 million in February 2020. They reported paying $10.3 million in wagering taxes and development agreement payments to the city of Detroit in February, down from nearly $14.5 million a year ago. The casinos paid $4,340 in taxes to the state on retail sports betting revenues. They paid $5,304 in taxes to the city.

Fantasy contest operators reported total adjusted revenue of $2.2 million, according to MGCB.

The casinos, which provide a significant stream of revenue to the city, were closed from mid-November until late December. They previously were closed for much of the spring and summer of 2020. For 2020, total adjusted revenue was down more than 57% from 2019.

In addition, Michigan Legacy Credit Union — which has branches in Flat Rock, Garden City, Highland, Pontiac, Warren and Wyandotte — announced in a news release Tuesday that it had eliminated access for its members' credit and debit cards to all online gambling websites. The credit union said it was "already seeing the negative financial impact on its members and ultimately the financial institution" since the Jan. 22 launch of online gambling.