Ohio Casino Revenues Up 1% in MarchApril 8, 2016 11:24 am
March is traditionally the best time of the year for Ohio’s casino market, and last month was no exception with the state’s four casinos generating a combined $73.7 million in revenues, up by 1.1% compared to March 2015. That figure also represents the third highest tally ever recorded by Ohio, with its all-time high of $84.3 million set back in March 2013.
In addition, Ohio’s seven racinos fared equally as impressive, with revenues rising by a solid 8.1% to $78.6 million versus March 2015. Commenting on the state’s overall gambling results, Jerry Abner, Miami Valley Gaming marketing director, said:
“Historically, March is a strong month in the gaming industry. It’s due to better spring weather, and people are starting to get their tax returns back. This year was no different.”
Last month, two of Ohio’s casinos posted improvements in their year-over-year revenues, including Hollywood Casino Toledo up 5%, and Hollywood Casino Columbus up 3.5%. On the flip side, reporting a contraction in business was Horseshoe Casino Cleveland down 1%, and Horseshoe Casino Cincinnati down 3%.
So far this year, Ohio’s four casino have now generated $211.3 million in revenues, up 3% from the $205.2 million collected over the same time period in 2015. Meanwhile, revenues from the state’s racinos is also surging, with business up an impressive 11% to $220 million compared to the first quarter of 2015.
At its present rate, The Buckeye State is on course to generate in excess of $1.7 billion by the end of 2016, with some analysts predicting that figure may be as high as $2 billion. Commenting on the overall state of Ohio’s gambling market, Ohio Casino Control Commission executive director, Matt Schuler, explained:
“They’re still getting to know their patrons, their market, just like any business. Generally, we’ve seen casinos in Indiana and Pennsylvania where we repatriated those gambling dollars have revenues go down 20 percent. Clearly, folks are staying in the state of Ohio and going to the facilities, whether it’s the casinos or the racinos. That aspect of the (2009) ballot issue and what they said they wanted it to accomplish has actually worked.”