Ohio Casino Revenue At Record High of $82m in March

Ohio’s casino industry has just enjoyed its best month since its first venue opened back in 2012, with revenues coming in at a whopping $81.7 million in March, representing a 20.8% improvement over February’s figure of $67.6 million, and an 8.3% increase year-on-year.
Furthermore, the Buckeye State’s racino market also posted a record month, with revenues from its combined horse racing and video slots operation reaching $96.5 million in March, up by 10.1% from the $87.5 million collected in the same month a year earlier.
And the reason for the Ohio’s impressive performance? An extra weekend day in March compared to last year, complimented by a slightly higher hold percentages for the casinos table and slot games. Also helping to lift Ohio’s casino market to new heights was unusually warm weather in March, with daily highs in the state capital of Columbus above freezing throughout the whole month, and 11 days recording temperatures above 50°F, which practically qualifies as summertime for the region.
Ohio Casinos Up 20.8%
Ohio’s four casinos generated a combined $81.7 million in March, according to the Casino Control Commission. Leading the the market was Hollywood Casino Columbus, whose revenues of $22.4 million was up by 20.4% from February, and by 8.7% versus last March. It was followed by Hollywood Casino Toledo with revenue of $19.7 million last month, or 25.5% higher than February, and 7.6% compared to March 2017.
Finally, Jack Cleveland Casino posted the highest annual gains with its revenue of $20.2 million up by 23.9% over February, and by 12.2% from a year earlier; while Jack Cincinnati Casino with gaming revenues of $19.5 million saw a 14.7% improvement over the previous month, and a 5.6% increase year-on-year.
Ohio Racinos Up 10.1%
Ohio’s seven racinos collected $96.5 million in March, with the Hard Rock Rocksino leading the way with $23.3 million in gross gaming revenue, up from $21.4 million a year ago, and representing the venue’s highest monthly taking in its five-year history.
“Since opening our doors in December 2013, the Hard Rock Rocksino has established itself as the premier gaming and entertainment destination in the market, thanks to our dedicated employees, partners and loyal guests,” stated Brock Milstein, chairman of the board at Hard Rock Rocksino Northfield Park.
In fact, all of Ohio’s racinos saw their year-on-year business increase, with the exception of Hollywood Dayton and Belterra Park whose revenues of $9.5 million and $7.5 million respectively remained flat.
Scioto Downs, for instance, saw its earnings increase to $16.3 million from the $14.7 million taken in March last year; with Miami Valley Gaming generating $15.4 million (2017: $13.8m); Jack Thistledown Racino collecting $12 million (2017: $10.45m); and Hollywood Mahoning Valley taking $11.4 million (2017: $10.1m) last month.
MGM Growth Properties
In related news, MGM Growth Properties (MGP) recently announced a deal in place to purchase the Hard Rock Rocksino in the Cleveland area for $1.06 billion as part of its plan to expand its holdings in the Northeast and Midwest. The facility sits on 110 acres of land, and features a horse racetrack, and a 200,000-square-foot gaming area, complete with over 2,300 video lottery terminals, as well as a variety of restaurant, bars, music venue, and event space. The real estate investment firm intends to lease out the venue for  between $50-$60 million per year, and commenting upon its plan James Stewart, CEO of MGM Growth Properties, stated:
“MGP is proud to announce the acquisition of the Hard Rock Rocksino, the best performing gaming asset in Ohio. This attractive addition to our portfolio is expected to result in mid to high single digit percentage accretion to AFFO per share, demonstrating again our commitment to generating value for our shareholders.”
Once finalized, Hard Rock would have made a $760 million gain on its original purchase, helping to balance the $500 million it is currently spending on transforming the former Trump Taj Mahal in New Jersey to the rebranded Hard Rock Hotel & Casino Atlantic City.