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The closed Detroit casinos have revealed the unsightly year-over-year totals, highlighting the lack of figures for the month of May.
For the second consecutive month, Greektown Casino-Hotel, MGM Grand Detroit, and MotorCity Casino reported zero revenue. Furthermore, the combined revenue for all three establishments was 51.6% lower compared to the same period last year.
The Michigan Gaming Control Board shared the figures following a promising discussion during its usual Monday morning meeting. The top executives of Detroit’s casinos presented their safety strategies and stressed the urgency to resume casino operations in their statements.
“Anticipating the reopening of the doors, we are eagerly awaiting the chance to witness this pivotal moment that holds immense significance for the city of Detroit,” expressed board chair Robert Anthony, following a discussion by Detroit’s casino executives regarding the implementation of safety measures for reopening.
Aggregate revenue way down in 2020
Since March 16, Detroit’s trio of commercial casinos have remained shut down, just five days following the commencement of sports betting in Michigan. As of May 31, a significant 76 days have elapsed without any legal wagers being placed within the city.
The figures indicate the harsh reality.
In the first five months of this year, Detroit casinos witnessed a significant decline in aggregate revenue, dropping to $299.2 million from the previous year’s $617.9 million.
This year, the city of Detroit experienced a significant decrease in taxes and development agreements from the casinos, amounting to $37.9 million. In comparison to the $73.5 million received over a span of five months in 2019, the city only received $35.6 million this year.
In that period, the tax revenue collected from Detroit casinos by the state experienced a decrease of $25.8 million. It dropped from $50 million in 2019 to $24.2 million this year.
Detroit, state rely heavily on casino funds
Detroit officials stated last month that the closure of casinos has caused a daily loss of $600,000 for the city. Considering the total loss of $37.9 million in the initial 76 days of closures, the average daily loss amounts to approximately $500,000. Nevertheless, the overall message remains unchanged.
It is worth mentioning that the casinos contribute approximately 16% of the city’s general fund revenue.
In 2019, Detroit’s casinos generated revenue exceeding $184 million, while the state of Michigan collected over $117 million from these establishments.
Daily fantasy contests not picking up much slack
Figures about fantasy contest operators were also updated by the gaming control board until the end of April.
DFS operators, such as DraftKings and FanDuel, disclosed adjusted revenues of $14,289 in April for daily fantasy sports. This resulted in the state earning $15,480 in revenue, calculated at an 8.4% rate.
This year, DFS operators generated adjusted revenues of $3.1 million and contributed $263,643 to the state.
In December, the expanded gambling laws were signed into effect by Gov. Gretchen Whitmer, encompassing the regulation of DFS.
As of last month, FanDuel, DraftKings, and SportsHub Games Network were among the fantasy contests in Michigan that fulfilled their tax obligations.
SportsHub Games Network, headquartered in Minneapolis, manages Fanball, CDM Sports, National Fantasy Championships, WhatIfSports, BestBall10s, and LeagueSafe.
Furthermore, the report now includes the totals from earlier this year for Fantasy Football Players Championship, FullTime Fantasy Sports Network, and Yahoo! Fantasy Sports, which have been added retrospectively.
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