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The narrative surrounding the October casino revenues in Detroit for 2019 is a mix of negative and positive developments, which, as is often the case, varies depending on one’s point of view.
While it may have been a modest achievement, Greektown, MGM Grand Detroit, and Motorcity casinos saw an increase in total revenues from September.
The raw October casino revenues in Detroit for 2019
According to the Michigan Gaming Control Board, the adjusted gross revenue figures for the three Detroit casinos in October 2019 were as follows:
- The amount of money in Greektown exceeds $27.48 million.
- The total revenue generated by MGM Grand Detroit amounts to more than $48.86 million.
- Motorcity: exceeding $39.3 million
- The grand total surpasses $115.66 million.
In September, the city of Detroit collected an impressive sum of over $14.34 million in taxes, while the state of Michigan received more than $9.36 million. These figures brought much-needed relief to a particular casino, which experienced its lowest performance of 2019 during that same month.
MGM Grand Detroit rising back toward its 2019 mean
September was likely a disappointing month for the owners of the MGM Grand. The casino’s revenue plummeted by 13% from August, reaching only $46.49 million. This marks the lowest performing month of the year so far.
October’s total represents a 4.9% growth, matching the casino’s performance in the initial two months of the year. Furthermore, it falls short by only 1.9% compared to the revenue generated in October 2018.
As of 2019, the MGM Grand’s average monthly revenue stands at $51.52 million. In October, the total revenue fell just 5.2% below this average.
Both Greektown and Motorcity saw a month-over-month increase of 2.1%, following similar trends as the MGM Grand’s competitors.
Compared to the previous year’s October, Greektown’s revenue declined by 0.5%, whereas Motorcity witnessed a positive growth of 1.9%.
Overall, October 2019 proved to be quite average, placing seventh out of the initial ten months of the year.
The casino industry in Detroit still isn’t growing
Compared to the same period last year, the total revenue generated by the three casinos in October remains relatively unchanged. In October of the previous year, the combined revenue of the three casinos amounted to $115.95.
By this time last year, the cumulative total for the year amounted to nearly $1.22 billion. However, in the first 10 months of the current year, the three powers have collectively generated over $1.2 billion.
Although the downturns may not exhibit significant percentage decreases, they indicate a deficiency in growth. Ignoring stagnation can pave the way for more severe decline.
Assistance may be imminent as the state is considering legalizing sports betting within the ongoing legislative session.
The MGM Grand has proactively prepared for this situation by redesigning an area within its premises to be used as a sportsbook facility. Leveraging their expertise in the same field in different locations, MGM is poised to enter the market promptly as soon as permitted by the MGCB.
Due to Detroit’s significant role in the sports industry, it is probable that both Greektown and Motorcity casinos would swiftly jump on the bandwagon. Sports betting has the potential to become a fresh source of income that could assist all three casinos in overcoming their current stagnation.
However, negotiations on a sportsbetting bill in Lansing are still ongoing. This means that Detroit’s casinos will have to explore alternative strategies to ensure that the final months of 2019 become their most successful quarter of the year.
Can you please rewrite the following sentence? I am going to the store to buy some groceries.
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