Ohio Casino Revenues Slump 5.6% In July

Ohio’s casinos have followed up last month’s year-on-year gambling slump by posting yet another decline in revenues, this time around with the state’s four casinos generating $68 million in July, down 5.6% compared to the same month in 2013. Commenting on the figures, Steve Gallaway from Gaming Market Advisors, explained:
“The Ohio numbers are what we expected and consistent with what we’re seeing nationally. Regional gaming is seeing slight declines.”
By contrast, Ohio’s five racinos reported a huge 136.8% improvement in revenues to $53.4 million, although the y-o-y comparison is to a time when the state had just two racinos, namely Scioto Downs and ThistleDown.
In total, The Buckeye State generated a combined $121.4 million in gambling revenues from its casinos and racinos in July, up 28.3% from the same month a year earlier.
Breaking the figures down further, the Horseshoe Cincinnati was the only Ohio casino posting a decline in July with revenues down by 15.5% to $16.3 million, from the $19.25 million taken in July, 2013. Meanwhile, revenues at Horseshoe Cleveland were up by 10.7% to $17.7 million in July; Hollywood Casino Columbus was up by 0.4% to $17.6 million; and Scioto Downs was up by 5.6% to $11.8 million for the month.
“We don’t have as much competition here,” explained Scioto Downs spokeswoman Ashley Redmon. “There’s only the two properties within that hour-and-a-half driving radius. We’ve figured out what works.”
Interestingly, when Ohio approved its first four casinos in 2009 forecasts predicted more than $1.42 billion in annual gambling revenue, but last year the state collected a mere fraction of that amount at $821 million. So far in 2014, Ohio casinos have generated almost $478 million in revenues, with roughly one-third of those funds going towards state taxes which are then distributed to counties, school districts, and host cities. Warning of the challenges now facing local governments, a budget officials said:
“Competition for gambling dollars is increasing, both within and without the state, and there is evidence across the nation that overall gambling may be approaching saturation levels.”