Ohio Casino Revenues Fall 6.8% to $67m in February

Ohio’s four casinos generated revenues of $67.2 million in February, down by 6.8% compared to the $72.1 million that was collected in the same month last year. Furthermore, the latest results now mark ten consecutive months of year-over-year revenue declines for the Buckeye State, and commenting on the worrying trend, casino industry expert Alan Silver from Ohio University, stated:
“Right now the casinos are struggling, they’re really struggling in Ohio, to maintain any type of substantial growth.”
Leading the list of casinos posting year-on-year revenue declines in February was the Hollywood Toledo Casino, which saw its business contract by 9.9% to $15.5 million from $17.2 million a year earlier. Not far behind was the Jack Cleveland Casino down 9.8% to $16.5 million; followed by Jack Cincinnati Casino down 7% to $16.6 million; and finally Hollywood Columbus down just 1% to $18.7 million.
On the plus side, as far as Ohio is concerned, business at the state’s racinos has been moving in the opposite direction, and last month the industry generated $78.3 million in slot revenues, up by 8.4% versus the $72.2 million collected in February 2016.
The diverging fortunes of the two gambling segments has also been reflected in their revenues for the whole of 2016, which for casinos totalled $797.94, or lower by 2%; and for racinos reached $893.5 million, or 7% higher than 2015’s tally. There is a strong connection between the two figures, too, with state gamblers increasingly drawn to placing bets at Ohio’s seven racinos, instead of slots and gaming tables at casinos. Elaborating further, Alan Silver explained:
“The racinos have added a tremendous amount of other amenities beyond gaming. Those amenities a lot of times pull people into the property. Once they get pulled in, they’re going to sit down and they’re not going to leave without dropping money into the machines.”
Ohio’s gambling venues are taxed at a rate of 33% on their gross revenues, with the money then going towards the County Fund (51%), the Student Fund (34%), the Host City Fund (5%), with other recipients also including the Ohio State Racing Commission, the Ohio Casino Control Commission, the Law Enforcement Training Fund, and the Problem Gambling and Addictions Fund.

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