Ohio Casino Revenue Flat At $70.2m In November

The Ohio Casino Control Commission has released its gambling results for Ohio’s four casinos, revealing a moderate 0.1% improvement in revenue to $70.2 million for November. Overall, The Buckeye State casinos have now generated around $758 million so far this year, a figure significantly down on the $1.9 billion a year revenue prediction cited prior to the state’s casino industry starting in 2012.
Helping to account for Ohio’s lackluster casino results is the US economic downturn, as well as increasing competition from nearby states, and as David Schwartz, director of the Center for Gaming Research at the University of Nevada, noted earlier this year:
“It comes down to more competition. We first saw it in the Northeast with new casinos, and now we’re seeing it in Pennsylvania and Maryland and Ohio..What’s interesting is not just the mature markets, but the newer markets are being affected.”
In November, Horseshoe Casino Cleveland reported the biggest revenue increase, up 3.5% to $20.2 million compared to the previous month; followed by the Toledo casino up by 1.2% to $14.8 million. On the other side of the coin, Horseshoe Casino Cincinnati saw the steepest drop, down by 3.3% to $17.6 million compared to $18.2 million in October. Finally, revenues at Columbus’ casino fell by 1% to $17.5 million, although compared to November 2012 revenues have declined by a whopping 12.4%.
Overall, Ohio’s unimpressive gambling market performance translates into less state tax dollars going towards Ohio’s schools, counties and cities. In fact, since Ohio’s new budget year started in July, collections are down by $100-million compared to state budget projections, and the situation isn’t likely to turn around anytime soon, either. As Steve Gallaway, principal of Gaming Market Advisors, said recently:
“The whole regional gaming market continues to suffer, and almost every market shows year-over-year declines. It’s a broken record, but it’s the economy. People just don’t have the disposable income.”