Detroit’s casino industry hit a speed bump in February, falling short of the $100 million revenue mark for the first time in 13 months. According to the Michigan Gaming Control Board (MGCB), the city’s three casinos combined for $98 million in revenue last month, a decline both month-over-month and year-over-year.
A Disappointing February for Detroit’s Casinos
After a promising start to 2024, February’s numbers came in lower than expected. The revenue drop represents:
- A 4.2% decline from January’s numbers.
- A 6.5% decrease compared to February 2023.
This dip comes after January’s $93.9 million performance, which had already raised some concerns about the retail casino industry’s trajectory. While February managed to improve on that total, it still wasn’t enough to maintain the city’s streak of hitting at least $100 million per month.
A Shift in Seasonal Trends
This year’s pattern is unfolding differently compared to 2023. Last year, casinos saw a strong January followed by a weaker February. This time, the industry experienced a slower January before a slight February recovery—though not enough to break the $100 million threshold.
For context:
| Month | 2023 Revenue | 2024 Revenue | Change (%) |
|---|---|---|---|
| January | $103.5M | $93.9M | -9.3% |
| February | $104.8M | $98.0M | -6.5% |
Casino industry experts believe March could be a crucial month for recovery. Historically, March has been Detroit’s best-performing month since 2022, driven by events like college basketball’s March Madness, which brings an influx of bettors.
What’s Behind the Revenue Drop?
Several factors may have contributed to the February slump:
- Consumer Spending Shifts – With inflation still a concern, discretionary spending on entertainment and gambling may be tighter than in previous years.
- Bad Weather – Harsh winter conditions in Detroit could have impacted foot traffic at casinos.
- Growing Online Competition – The rise of online gambling continues to divert revenue away from retail casinos.
While it’s still early in the year, the industry will be watching closely to see if March provides the expected boost.
Looking Ahead: Will March Deliver a Comeback?
Detroit casinos have historically rebounded in March. Since 2022, it has been the highest-grossing month of the year, with a mix of sports betting activity and increased tourism helping to lift numbers.
Industry experts remain hopeful that:
- The upcoming NCAA basketball tournament will drive higher foot traffic.
- Warmer weather will make travel easier for visitors.
- Promotional efforts from casinos could help attract more players.
Despite the February dip, a strong March could put Detroit’s casino industry back on track. Whether it can return to the $100 million mark remains to be seen.
