Jump straight to the main content
Could you please rewrite the provided sentence or provide the sentence you would like me to rewrite?
Sports bettors had a successful month in February at Detroit’s three retail casinos.
On Thursday, the monthly revenue numbers for all three casinos in Michigan were disclosed by the Michigan Gaming Control Board. Unfortunately, MGM Grand Detroit Casino, MotorCity Casino Hotel, and Greektown Casino Hotel all experienced losses at their retail sportsbooks during the previous month.
The total loss incurred by the three when combined exceeded $850,000.
Breaking down the losses for Detroit retail sportsbooks
In February, Detroit reported qualified adjusted gross receipts (QAGR) of -$869,939, indicating a significant decrease of almost $3 million compared to the $1.97 million reported in January 2022.
Last month, a sum of $25.4 million was wagered at the three casinos. Here’s a breakdown of the losses:
- The financial records reveal that MGM incurred a loss of $175,082.
- MotorCity has experienced a significant loss of $400,347.
- The financial status of Greektown is currently in the negative, with a deficit of $297,123.
Last month, both the State of Michigan and the city of Detroit were unable to collect taxes from retail sports betting due to the unfavorable outcomes experienced by all three casinos.
Over the course of two months, the running QAGR for the three retail sportsbooks in Detroit is as follows:
- The value of Greektown is $632,672.
- MGM’s total amount is $306,703.
- The monetary value of MotorCity is $121,146.
Super Bowl blues for the books?
In 2022, Detroit’s retail sportsbooks experienced a collective loss for the second year in a row during the month of February.
In the previous year, the books experienced a combined loss of $77,626. Among them, Greektown was the only one that achieved a positive outcome, with revenue totaling $114,814. MotorCity incurred a loss of $183,680, whereas MGM Grand Detroit experienced a relatively minor loss of $8,761.
There may be more to the decline in retail book sales during Super Bowl month, considering the game had a noticeable connection to Michigan.
Matthew Stafford, previously a Detroit Lion, guided the Los Angeles Rams to victory last month as they narrowly defeated the Cincinnati Bengals for the title.
One year ago, Tom Brady, a Michigan alum, was at the forefront of the Tampa Bay Buccaneers’ victory over the Kansas City Chiefs, securing his seventh Super Bowl championship.
Paul Stencel, sportsbook manager at Greektown, expressed his disappointment with the Super Bowl outcome, stating, “The result was extremely unfavorable for our book. We had a significant amount of bets placed on Rams futures and substantial wagers on the Bengals with the points. Additionally, we faced considerable action on NHL totals, which ultimately favored the bettors.”
Overall casino numbers
Although the Detroit casinos experienced losses in their sportsbook operations, the overall performance for the month was still commendable.
In February, a total of $94.7 million in monthly aggregate revenue was reported.
Revenue from table games and slots compensated for the losses in sports betting, reaching a total of $95.6 million.
In comparison to the previous year, the revenue generated from table games and slots witnessed a growth of 10.6% when compared to February 2021.
Comparing the same period in 2021, the revenue from slots and table games has increased by 12.3% during the first two months of 2022.
The revenue distribution among the three casinos for February 2022 is as follows:
- MGM holds a 49% stake in the amount of $46.3 million.
- MotorCity earned $28.9 million, which accounts for 30% of their total revenue.
- The amount of $20.4 million represents 21% of Greektown.
In comparison to February of the previous year, revenue for MGM has increased by 34.4%, while MotorCity experienced a decline of 7.3% and Greektown saw a decline of 2.1% in revenue.
In February, Detroit casinos contributed $7.7 million in gaming taxes to the State of Michigan, surpassing the $7 million paid during the corresponding period last year.
In February, the City of Detroit received $11.4 million in wagering taxes and development agreement payments from the three casinos.
Please rewrite your request and provide more specific information or context so that I can assist you better.
Related Articles
This needs more context in order to be rewritten. Please provide the original text that you would like me to rewrite.