Ohio Casino Revenues Fall To $59.7m In JanuaryFebruary 10, 2014 1:56 pm
The Ohio Casino Control Commission has released its gambling figures for January, revealing a 7.3% decline in revenues to $59.7 million compared to the $63.2 million generated in December. Being blamed for the lackluster results was the particularly severe cold winter weather which forced two of Ohio’s four casinos to temporarily shut shop.
On January 5th, Hollywood Toledo was shut for more than 51 hours, while on January 6th, Horseshoe Cleveland also had to close for 37 hours. Commenting on the brutally bad weather, Hollywood Casino Columbus spokesman Bob Tenenbaum, said:
“Clearly, the weather affected the casinos. But it affected all of retail and everyone in the entertainment and food and beverage industries.”
Ohio’s newest casino, the Horseshoe Casino Cincinnati, was the only gambling establishment to report growth in revenues, up by 14.6% to $16.23 million. On the other side of the coin, Scioto Downs Casino & Racetrack reported a 4.6% decline in revenues to $9.69 million compared to January last year; Horseshoe Casino Cleveland was down 19.5% to $16.64 million; and Hollywood Casino Toledo was down by 19.3% to $11.53 million.
In addition to the freezing temperatures, USA’s ailing economy, as well as the holiday season, also contributed to the disappointing results.
“Everyone goes into debt buying presents and maxes out their credit cards. And then the bills come due in January, and people don’t have the discretionary funds for a night out at a casino and dinner,” said Alan Silver from Ohio University.
January’s results come on the back of Ohio’s worrying December figures, which showed a dramatic 9.8% decline in casino revenues to $63.2 million, representing The Buckeye State’s lowest monthly total since all four casinos opened for business on March 4, 2013. For the first two quarters of Ohio’s fiscal year, casino revenues have now generated less than half the projected $309.8 million for the whole of the full year, forcing the state to reduce its revenue projections for 2014.