Ohio Casino Revenues Fall Flat In August

Ohio Casino Revenues Fall Flat In AugustAccording to the latest results released by the Ohio Casino Control Commission, the state’s four casinos generated $70.7 million in revenues for August, relatively flat compared to the $70.8 million generated in August, 2013, but a 4% improvement on the previous month. The Ohio Department of Taxation then collected 33% of the revenues to help support the state’s cities, counties and schools.
Leading Ohio’s casinos in terms of growth was the Horseshoe Casino Cleveland, whose 119 table games and 1,849 slot machines generated $20.5 million in August, up from the $18.9 million taken in August, 2013; followed by the Hollywood Casino Columbus which earned $18 million from its 114 table games and 2,261 slot machines, better than the $16.89 million it took last August.
While Hollywood Casino Toledo saw its revenues remain fairly flat in August, taking in $15.97 million compared to the $15.86 million for the same month last year; The Horseshoe Casino Cincinnati earned $16.2 million from its 119 table games and 1,935 slot machines, a big drop from the $19.2 million taken in August, 2013.
So far in 2014, Ohio’s four casinos have generated $548.47 million in revenues, lagging behind last year’s pace of $548.87 million, and once again well below initial Ohio Casino Control Commission forecasts which predicted the state’s casino industry to reach $1.2 billion in annual revenues. Nevertheless, that estimate failed to take into account the numerous racinos which would subsequently open and siphon money away from the state’s casinos, with Ohio racinos generating $57.5 million in August, up 151% from a year earlier.
A seventh and final state racino is also due to open its doors towards the end of September near Youngstown, but not all casinos view racinos as direct competition, and as Cleveland casino spokesman Shannon Mortland, explains:
“It will probably impact us somewhat, but with every racino that’s opened, we’ve seen the market grow, so that’s been a good sign so far.”

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