Posted on: January 9, 2024, 01:03h.
Last updated on: January 9, 2024, 01:03h.
Detroit casinos experienced a pandemic recovery downturn in 2023. The gross gaming revenue (GGR) at the three brick-and-mortar properties saw a decline. The Michigan Gaming Control Board revealed the details and we’ll provide you with the highlights for your betting strategy. You can put these statistics to good use as you place your bets under our recommendations.
Losses were also reported in the December win at MGM Grand Detroit, MotorCity Casino Hotel, and Hollywood Casino at Greektown, with the revenue totaling $111.4 million. The statistics exclude earnings from sports betting or iGaming.
The city gaming industry recorded December as its second-best month in 2023, with a 2.9% year-over-year increase. But these numbers were insufficient to reverse the year-end gaming revenue report to positive figures.
With final figures for 2023 Detroit casino win, the year-end GGR report reflected a 2.3% year-over-year decline compared to 2022. This gives you a significant insight for possible betting opportunities as we delve into the specifics.
MGM Maintains Market Lead
MGM Resorts’ Detroit casino remains at the forefront, winning $564 million from legacy gamblers last year, accounting for 46% of the local gaming industry. The details of their consistent market dominance can inform your betting strategy.
MGM Grand Detroit experienced a 6% year-over-year drop from its 2022 revenue and also lost market share. These changes in the dominant player’s market share offer valuable information that you can consider before making your bets
MotorCity, a casino owned by Ilitch Holdings, also experienced a decline in its market share, winning over $373.5 million from players last year, representing a 30.5% market share. The casino’s 30.5% market share, representing a 1% decline from 2022, offers unique insights for your betting tactics.
MGM and MotorCity’s market share changes benefited Hollywood Casino at Greektown, which saw a rise in its market share from 20.7% in 2022 to 23% in 2023. These insights can be beneficial to you as you consider where to place your bets.
The operating rights for Greektown were acquired by Penn Entertainment from Jack Entertainment for $300 million in May 2019. We delve more into these details and how they can be utilized to inform your betting strategy based on Penn’s close to $1B combined investment in rebranding and real estate acquisition.
iGaming, Sports Betting Cover Losses
It’s clear that Michigan casinos successfully offset their land-based GGR losses last year through internet gaming platforms and retail and online sportsbooks. The highlights offer valuable insights for effective betting strategies.
The casinos’ online sportsbook partners have dominated the betting space, with FanDuel accounting for $164.5 million of the online sportsbook win. The significance of these numbers and how they shape your betting approach is highlighted below.
iGaming experienced growth in 2023, with GGR from online slots and table games totaling over $940 million. BetMGM, the iGaming partner of MGM Grand Detroit, led the online casino market with GGR of $539.3 million. We delve into the details to give you insight on how you can effectively place your bets based on these findings.