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MGCB: Detroit casinos report $116.2M in December revenue, $1.237B for year

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MGCB: Detroit casinos report $116.2M in December revenue, $1.237B for year

 

The three Detroit casinos reported $116.2 million in monthly aggregate revenue (AGR) for the month of December 2023, of which $111.4 million was generated from table games and slots, and $4.8 million from retail sports betting.

The December market shares were:

  • MGM, 44%
  • MotorCity, 32%
  • Hollywood Casino at Greektown, 24%

Monthly Table Games, Slot Revenue, and Taxes
December 2023 table games and slot revenue increased 2.9% when compared to December 2022 revenue. December’s monthly revenue was also 46.6% higher than November 2023. From Jan. 1 through Dec. 31, the Detroit casinos’ table games and slots revenue decreased by 2.7% compared to the same period last year.

The casinos’ monthly gaming revenue results were mixed compared to December 2022:

  • MGM, down 0.7% to $50.6 million
  • MotorCity, up by 5.1% to $34.7 million
  • Hollywood Casino at Greektown, up by 7.5% to $26.1 million

In December 2023, the three Detroit casinos paid $9.0 million in gaming taxes to the State of Michigan. They paid $8.8 million for the same month last year. The casinos also reported submitting $13.8 million in wagering taxes and development agreement payments to the City of Detroit in December.

Quarterly Table Games, Slot Revenue, and Taxes
For the fourth quarter of 2023 that ended Dec. 31, aggregate revenue was down for all three Detroit casinos by 12.9% compared to the same period last year. Quarterly gaming revenue for the casinos was:

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  • MGM: $118.6 million
  • MotorCity: $84.4 million
  • Hollywood Casino at Greektown: $66.2 million

Compared to the fourth quarter of 2022, MGM, MotorCity, and Hollywood Casino at Greektown were down by 17.7%, 11.6%, and 4.7%, respectively. The three casinos paid $21.8 million in gaming taxes to the state in the fourth quarter of 2023, compared to $25.0 million in the same quarter last year.

Monthly Retail Sports Betting Revenue and Taxes
The three Detroit casinos reported $30.4 million in total retail sports betting handle, and total gross receipts were $4.8 million for the month of December. Retail sports betting qualified adjusted gross receipts (QAGR) in December 2023 were up by $3.1 million when compared to December 2022. Compared to November 2023, December QAGR increased 54.9%.

December QAGR by casino was:

  • MGM: $291,171
  • MotorCity: $2.3 million
  • Hollywood Casino at Greektown: $2.2 million

During December, the casinos paid $180,822 in gaming taxes to the state and reported submitting $221,005 in wagering taxes to the City of Detroit based on their retail sports betting revenue.

Annual Revenue for Table Games, Slots, and Retail Sports Betting
The total yearly aggregate revenue of $1.237 billion — a slight decrease of 3.1% compared to last year — by the three Detroit casinos for slots, table games, and retail sports betting was generated by:

  • Slots: $984.1 million (80%)
  • Table games: $238.7 million (19%)
  • Retail sports betting: $14.0 million (1%)

The casinos’ market shares for the year were:

  • MGM, 46%
  • MotorCity, 31%
  • Hollywood Casino at Greektown, 23%

Compared to 2022, slots and table games yearly gaming revenue for the three casinos were as follows:

  • MGM, down by 6.0% to $564.0 million
  • MotorCity, down by 5.8% to $373.6 million
  • Hollywood Casino at Greektown, up by 9.5% to $285.2 million

Aggregate retail sports betting qualified adjusted gross receipts (QAGR) for 2023 was down by 25.7% to $14.0 million compared to last year, with MGM totaling $2.3 million, MotorCity totaling $5.0 million, and Hollywood Casino at Greektown totaling $6.7 million.

In 2023, the three Detroit casinos paid the state $99.0 million in wagering taxes for slots and table games, and $528,314 in wagering taxes for retail sports betting. In 2022, they had paid $101.8 million and $711,087 for each, respectively.

Fantasy Contests
For November, fantasy contest operators reported total adjusted revenues of $1.8 million and paid taxes of $149,915.

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From Jan. 1 through Nov. 30, fantasy contest operators reported $21.3 million in aggregate fantasy contest adjusted revenues and paid $1.8 million in taxes.

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Caesars Sportsbook to Expand Wagering Footprint in Washington, D.C.

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Caesars Entertainment Inc. announced it will bring Caesars Sportsbook self-service kiosks to 53 small businesses across Washington, D.C. Caesars Sportsbook wagering kiosks will replace the GambetDC sports wagering kiosks currently in place at OLG-licensed sports betting retail locations. In addition to wagering, the kiosks will accept cash deposits to Caesars Sportsbook mobile accounts.

“We appreciate the Office of Lottery and Gaming for providing us the opportunity to further our connection with sports fans in our nation’s capital. Our self-service betting kiosks are an excellent addition to our sports wagering options in D.C. Whether sports fans prefer a traditional ticket-in-hand wagering experience or want to simply deposit cash for their mobile app account, our kiosks enhance the premier sports betting experience we offer through the combination of options and convenience that supports dozens of small businesses locally,” said Eric Hession, President of Caesars Digital.

“D.C. residents and visitors will soon have access to best-in-class sports wagering kiosks at retail locations across the city. We are pleased to partner with Caesars, a key industry player and the leader in retail sport betting operations, which is demonstrating its commitment to the D.C. community,” said Eugene Vlasenko, Interim Executive Director of OLG.

With thousands of markets and lightning-fast functionality, Caesars Sportsbook betting kiosks will provide the gold-standard sports wagering experience sports fans are familiar with on the Caesars Sportsbook mobile app.

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Every wager placed with Caesars Sportsbook, whether at a kiosk, in-person Caesars Sportsbook at Capital One Arena, or on the mobile app, earns Reward Credits redeemable for unforgettable experiences made possible through the industry-leading loyalty program, Caesars Rewards. Sports fans 21 and older can download the Caesars Sportsbook app on iOS and Android or access it via desktop.

In July 2024, Caesars expanded its flagship mobile sports wagering platform, Caesars Sportsbook, across Washington, D.C., except for in restricted areas. Caesars has offered in-person sports betting at Capital One Arena since 2021 through its landmark partnership with Monumental Sports & Entertainment (MSE). Caesars Sportsbook at Capital One Arena made history as the first sportsbook in a U.S. professional sports venue.

Caesars Entertainment remains committed to promoting Responsible Gaming awareness and education as Caesars Sportsbook expands into more jurisdictions. In 2023, the Company implemented a refreshed 21+ policy, which certifies that all Caesars Rewards accounts are only made available to individuals 21 and older, and, where allowed by law, limits all domestic gaming, pari-mutuel, sports, and iGaming options to those 21 and older. This 21 and older policy applies to all sports wagering operations conducted by Caesars Sportsbook in Washington, D.C., including on the Caesars Sportsbook app and at all in-person sports betting locations.

Caesars Sportsbook self-service betting kiosks throughout Washington, D.C. will enforce Caesars Entertainment’s enhanced 21 and older gaming policy. This policy applies to all in-person and online operations conducted by the Company and underscores Caesars’ commitment to Responsible Gaming and its established reputation as a leader in the industry.

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NOVOMATIC: Launch of New Linked Progressive Jackpots at GAT Bogotá

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NOVOMATIC Colombia participated at GAT Expo Bogotá, a prestigious networking event that was hosted at the Hotel Sheraton Bogotá on September 6, 2024. NOVOMATIC Colombia was poised to unveil its latest Linked Progressive Jackpots and multi-game libraries, specifically designed for the LATAM market. Visitors to the NOVOMATIC Lounge enjoyed an exclusive space that offers a unique entertainment experience. Guests also had the chance to interact with NOVOMATIC experts, explore new product offerings and see the most recent releases up close. NOVOMATIC presented an exciting range of special promotions, making their booth a must-visit destination for anyone interested in the latest advancements in gaming technology.

Launch of the GOLDEN LINK saga

The event marked the highly anticipated launch of the GOLDEN LINK saga, which includes a thrilling array of games and the chance to win big. This line of Linked Progressive Jackpot solutions features the new Superia CASH CONNECTION Volume 2 with the BLACK EDITION II 3.27 cabinet, and the NOVO LINE GOLDEN LINK Edition 1 with the MASTER SL 3.32 cabinet, offering a highly engaging visual experience for gaming venues.

New jackpot and multi-game solutions

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Attendees also had the opportunity to explore the latest addition to the CASH CONNECTION series lineup: the NOVO LINE CASH CONNECTION Edition 4 with the PANTHERA 2.27 cabinet, a combination that promises to captivate audiences in the region with advanced graphics and proven gameplay mechanics. The IMPERA LINK Series 2 with the BLACK EDITION II 3.27 cabinet was also on display, combining cutting-edge technology with a sleek, premium design.

For fans of multi-game libraries, NOVOMATIC exhibited the NOVO LINE in the classic FUNMASTER 2.27 cabinet, catering to a wide range of player preferences.

“NOVOMATIC’s Linked Progressive Jackpots have shown exceptional performance in gaming venues across Colombia and Central America, surpassing the average performance by 30% in all cases. Over the past year, NOVOMATIC has installed more than 100 jackpots across the region, highlighting the popularity and success of our solutions,” said Manuel Del Sol, CEO of NOVOMATIC Gaming Colombia.

Closer to the customer

“We are excited that we showcased our outstanding line of Linked Progressive Jackpots at GAT Expo Bogotá, which have been met with great enthusiasm throughout the region. The NOVOMATIC Lounge offered a fantastic opportunity to strengthen relationships with our customers in a more personal and dynamic setting, and our special promotions ensured that all attendees experienced the very best that NOVOMATIC has to offer,” said Mónica Serrato, Commercial Coordinator at NOVOMATIC Gaming Colombia.

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Great Canadian Entertainment and Petroglyph Development Group Announce Agreement for Purchase and Sale of Elements Casino Victoria

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Great Canadian Entertainment announced that it has signed a definitive agreement to sell Elements Casino Victoria to Petroglyph Development Group Ltd. (PDG) in yet another historic transaction for both parties.

This transaction comes on the heels of the previously announced definitive agreement for Great Canadian Entertainment to sell its other landmark property and business on Vancouver Island, Casino Nanaimo, to PDG. PDG is a wholly owned corporation of the Snuneymuxw First Nation (the Nation) and is dedicated to realizing the economic potential of the Nation.

Great Canadian’s Board of Directors unanimously approved the transaction, which remains subject to customary closing conditions as well as customary approvals by the regulatory authorities. The Company will provide transition services to PDG for up to two years post-closing.

“We are very pleased to have executed this second historic agreement with the Snuneymuxw First Nation. From its original opening as View Royal Casino in 2001, to major expansion and rebranding of the property in 2018 as Elements Casino Victoria, we are looking forward to the next chapter for this beautiful and historic Vancouver Island destination under PDG’s stewardship. We are excited to work with the Petroglyph team during the transition period to ensure yet another outstanding outcome for the community, our guests, our team members, and the Nation,” said Matt Anfinson, Chief Executive Officer of Great Canadian Entertainment.

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“We celebrate our growing partnership with Great Canadian and our continued progress toward building a strong Snuneymuxw economy that provides a solid foundation for Snuneymuxw self-determination and nationhood. With the acquisition of a second casino operation, we continue to honour the decades of work by past Snuneymuxw leadership who tirelessly pursued this goal, as we begin to realize various opportunities that contribute to optimizing Snuneymuxw socioeconomic potential. Our Nation is sharply focused to make investments that bring returns to our people and builds our presence in the economy so that Snuneymuxw takes its rightful place. Today, we also celebrate our partnership with the B.C. Lottery Corporation in our shared pursuit to support the growth of the provincial economy and First Nation participation,” said Snuneymuxw Chief Mike Wyse.

Erralyn Joseph, President of PDG, said: “This measured acquisition is one that PDG celebrates on our quest to build a corporate enterprise that reinvests into Snuneymuxw First Nation. With a strong operating plan that includes risk mitigation and yields sizable gains, PDG is well on its way to generating wealth for Snuneymuxw and taking a seat at the local, regional, provincial, national and global economic tables. On behalf of the Board of Directors, we are pleased to share this news and remain committed to advancing the region’s economic growth in support of all its residents.”

Ian Simpson, Chief Executive Officer of PDG, said: “Acquiring this significant asset will unlock unprecedented economic potential for Snuneymuxw and PDG, paving the way for transformative growth in Snuneymuxw’s economy and the profits that PDG returns to our Nation.”

McMillan is serving as legal counsel to Great Canadian. McCarthy Tétrault is acting as legal counsel and KPMG Corporate Finance Inc. is acting as financial advisor to PDG.

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