Ohio Casino Revenues Fall To $68.6m In JuneJuly 9, 2013 3:21 pm
The Ohio Casino Control Commission has released its casino results for June, revealing a dramatic 4.9% decline in revenue to $68.6 million compared to the previous month.
During June, all four of Ohio’s casinos saw their revenues drop with The Horseshoe Cincinnati down 10.2% to $17.61 million compared to May; Hollywood Casino Toledo down 3.6% to $15.2 million; Horseshoe Casino Cleveland down 3.6% to $19.34 million; and Hollywood Casino Columbus down 1.5% to $16.49 million.
Being blamed for June’s revenue decline is a weak US economy, with Steve Gallaway from Gaming Market Advisors, explaining: “This is consistent with what we’re seeing across the country. We’re seeing lower revenue numbers. Ohio isn’t doing anything wrong. We’re still in the midst of a slow and painful economic recovery that’s affecting the entire gambling industry.”
However, competition from nearby state’s has also further eaten into Ohio’s casino revenues, a phenomenon which was first seen in the mature market of Atlantic City, but is now being experienced by the newer markets of Pennsylvania, Maryland and Ohio.
Nevertheless, Ohio’s four casinos also faced extra competition from an unusual source in the guise of the state’s two racinos, whose revenues totalled $21.72 million in June. Revenue from Scioto Downs’ 2,106 slot machines, for instance, totalled $11.45 million compared to the $11.23 million from Hollywood Casino’s 2,525 slots. Further explaining the racinos impressive results is the official start of the racing season, and a free slots play promotion held by the venues, with Scioto Downs having given away $3.78 million worth of free play in June, and $1.99 million by the Hollywood Casino.
Overall, however, analysts seem to agree Ohio’s latest monthly gambling figures were a little surprising, with professor Mark Nichols, a gambling industry expert at the University of Nevada, Reno, commenting: “In a new market, you’d expect some growth, or at least the numbers going up in one or two of the casinos. But I wouldn’t make too much out of one month’s results.”