written and last updated by
Sam Smith at
14 Jun 2023
Journalist, Editorial Department
According to the Michigan gaming regulator, Detroit's casinos collectively earned $105.6 million (8.9 billion rubles) in May 2023. MGM Casino led the market share with 47%, followed by MotorCity at 31% and Hollywood Casino in Greektown at 22%.
Revenue from table games and slot machines totaled $104.7 million (8.84 billion rubles). This figure was 1.4% higher than in May of the previous year, while April's revenue was up by 4.5%. However, the results for the first five months of 2023 exceeded the same period last year by 0.4%.
When comparing the May results of 2023 to those of 2022, only Hollywood Casino saw an increase in gaming revenue, rising by 7.4% to $23.3 million (nearly 2 billion rubles). MGM Casino experienced a decline of 1.4% to $49.3 million (4.16 billion rubles), while MotorCity's revenue fell by 7.1% to $32.1 million (2.7 billion rubles).
The total amount of taxes paid to the state was $8.5 million (718.3 million rubles), which is $100,000 (8.45 million rubles) less than last year. Detroit received a total of $12.5 million (1.056 billion rubles) in revenue, which includes taxes and payments under a development agreement.
In the betting segment, total gross revenue reached $921,268 (77.85 million rubles). Adjusted gross revenue from retail sports betting was higher than in April but down 62.6% compared to May 2022. MGM Casino led this category with $470,510 (39.76 million rubles), followed by MotorCity at $395,677 (33.4 million rubles) and Hollywood Casino at $27,545 (2.3 million rubles). For May, the state collected $33,783 (2.85 million rubles) in taxes from betting, while Detroit casinos contributed $41,290 (almost 3.5 million rubles) in tax payments.
In related news, a JPMorgan analyst has expressed optimism about the prospects of MVB Financial, a bank focused on iGaming.
