In spite of a worldwide slowdown in the gambling industry, Detroit casinos showed a profit for the month of February.
The Michigan Gaming Control Board has revealed the positive numbers for the MGM Grand Detroit, MotorCity Casino and Greektown Casino.
In fact, as a group these venues took in $121.7 million for the month. This was an annual 6.3 percent rise.
In addition, it is an improvement by 1.5 percent over the $120 million collected in January. Overall, revenues are up 6.7 percent for the first two months of 2020, when compared to 2019.
MGM Grand Detroit outperformed the others, with a respectable 6.4 percent increase to $52.6 million in revenue.
MotorCity and Greektown also saw increases. The former took in $40.5 million for a 4.7 percent improvement, while the latter approached $28.6 million for an 8.3% gain.
You can bet that the state of Michigan was happy with this performance as it collected $9.9 million in gaming taxes.
Last year, the number was a bit lower at $9.3 million collected last year. Per regulations, the three casinos together paid $14.5 million to the city of Detroit.
Everyone hopes March to be as good or better. It won’t hurt that sports betting is coming to Detroit. According to Richard Kalm, Michigan Gaming Control Board’s Executive Director, it’s going to be great for the local casinos.
“There’s not a lot of margin to make a lot of money at sports betting per se, but it will drive traffic to the casinos. They’ll be able to market other amenities: hotel rooms, drinks and other gaming.”
Final plans are in the making with betters eagerly standing by. MotorCity will operate 54 kiosks and six betting windows. Greektown envisions 28 kiosks and four betting counters, while MGM Grand will open 16 kiosks and six betting windows.
Of course, the volume for sports betting can’t be predicted. Kalm remarked on the subject,
“We can only look at New Jersey and Pennsylvania… and Detroit’s a big sports town. There’s always a lot of sporting activities going on with four major-league teams. I believe there’s going to be a benefit to the casino.”