As Detroit casinos navigated the ebb and flow of the gaming industry’s fortunes, 2023 marked the conclusion of a two-year recovery period. The city’s trio of gambling establishments, MGM Grand Detroit, MotorCity Casino Hotel, and Hollywood Casino at Greektown, saw a slight dip in their collective fortunes, reporting a downturn in gross gaming revenue (GGR) for traditional gaming operations.
Indeed, Hollywood Casino at Greektown made noticeable strides in expanding its slice of the market pie, but the overall picture was less rosy. Total revenue for December across the three casinos came in at $111.4 million, a sum that, while reflecting a modest uplift of 2.9% from the previous year, was insufficient to reverse the downward trajectory in yearly revenue. In hard figures, this meant that the casinos’ annual take from their physical slot machines and table games was approximately $1.227 billion—a 2.3% drop from the $1.256 billion garnered in 2022.
MGM Grand Detroit maintained its position as the market leader, capturing 46% of Detroit’s gaming industry, albeit with a noticeable 6% year-over-year fall in earnings. Conversely, MotorCity experienced a slight shrinkage in market share, despite the Ilitch Holdings owned entity remaining a potent player in the market landscape.
Counterbalancing this slight decline was Hollywood Casino at Greektown, under the Penn Entertainment umbrella, which not only increased its GGR but also grew its market share to 23%. This move is part of a bigger story, one that includes Penn Entertainment’s 2019 acquisition and the casino’s rebranding in 2022, steps aimed at reinforcing its presence in the gambling domain.
While traditional gaming revenues faced headwinds, another facet of Michigan’s broader gambling ecosystem provided a robust counterforce. iGaming platforms and both retail and online sportsbooks painted a far more vibrant picture of the industry’s health. Combined, these digital and interactive realms cushioned any blows felt by their land-based counterparts.
Retail sportsbooks etched out wins of $14 million, with a significant amount of online sportsbook revenue not yet tallied for December. FanDuel, in collaboration with MotorCity, dominated this segment with an impressive capture of the online betting market. Concurrently, iGaming sustained its expansion trajectory with online slots and tables generating more than $940 million in 2023. Leading the online casino race was BetMGM, MGM Grand Detroit’s digital arm, contributing a substantial chunk of this sum.
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