Ohio Casinos Up 12% To $71m In December

Ohio Casinos Up 12% To $71m In DecemberThe Ohio Casino Control Commission has released its gambling figures for December, revealing an almost 12% rise in revenues to $71 million compared with the same month last year. Furthermore, Ohio’s four casinos pulled in almost $8 million more compared to the previous month.
In December, all of the state’s casinos reported an uptick in their y-o-y earnings, with the Horseshoe Casino Cleveland up 16.6% to $21 million, the Hollywood Casino Toledo up 6% to $15.1 million, the Horseshoe Casino Cincinnati higher at $17 million, and the Hollywood Casino Columbus also up by 4.9% to $17.3 million. Commenting on its results Columbus spokesman Bob Tenenbaum, said:
“We continue to be pleased with our progress. Our CEO has indicated that we anticipate the market will continue to grow and could be a $2 billion market within a couple of years.”
December also marked the third month the Buckeye State’s seven racinos were in full operation, and last month they generated a combined $64.7 million in revenues, up from the $60.3 million taken in the previous month.
Commenting on the overall positive figures, David Schwartz, director of the Center for Gaming Research at the University of Nevada-Las Vegas, said “the numbers tell me Ohio is a robust market and there’s room for more growth. I don’t think opening more casinos would lead to more growth, but there does seem to be a market for what’s opened.”
With all 12 month now counted, statewide casino revenues actually dropped 1.5% (-$12m) to $809.3 million compared to 2013, and with Ohio racinos included the state has an industry worth close to $1.5 billion per year. Interestingly, though, that figure still falls well below forecasts made by the Ohio Department of Taxation and the Innovation Group pre-regulation, which predicted Ohio’s four casinos alone would generate as much as $1.9 billion in 2013.

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