Ohio Casinos Have Record January
Ohio Casinos Have Record January
Ohio’s casinos and racinos have had a record January, according to a report from the state’s Lottery and Casino Control.
Together, the 11 venues reportedly took in a huge $167M last month after paying out winnings.
Revenue is up 19% from what was another record January in 2019 when casinos made $140.7M. Usually, year-to-year gains average around +5% or less.
January 2015, the first time all 11 casinos and racinos were open, the venues reported revenue of $127.9M. In other years, the numbers reached $134.6M (2016), $135.2M (2017), and $136.1M (2018).
Researchers say a small part of the gain could be attributed to there being five Fridays in January this year compared to four last last year, and New Year’s Day fell on a Wednesday - meaning many people stayed off work until the following Monday, January 6.
Online casinos are not yet technically legal in the state, either, meaning gamblers have to physically visit a land-based resort to place a wager. These unregulated online gambling sites do not pay taxes.
Every one of the state’s four casinos and seven racinos pulled its weight to achieve the record figures. Hollywood Casino Columbus came out on top of the casino pile, reporting revenue of $20.4M from table games and slots.
JACK Cleveland Casino reported earnings of $18.3M, up from $15.7M last year. Their Cincinnati counterparts recorded January 2020 revenue of $18.7M, up from $15.3M.
Hollywood Toledo saw revenue of $15.7M up from $14.2M.
NGN Northfield Park led the slots-only racinos with $22.9M in revenue. Horse wagering at racinos was not included in the totals revealed by the commission, neither was onsite food and drink sales. Had those been included, gains were most likely even bigger.
JACK Thistledown Racino reported $11.8M in January 2020 revenue, up from $9.7M, and Hollywood Mahoning Valley reported $11.1M, up from $9.4M.
Scioto Downs made $15.6M in the first month of the year, up from $12.8M in 2019, while Miami Valley gaming made $15.6M, up from $12.6M.
Belterra Park recorded revenue of $7.3M, an increase from 2019’s $6.1M, and Hollywood Dayton reported revenue of exactly $10M, up from $8.1M.
The casinos will have to push harder if online gambling is suddenly regulated in the state, however. The industry is set to be worth $95B by 2024.
The profitable month is very good news for the state, which receives around a third of all income in the form of taxes or fees.
Last year, around $650M from Ohio casinos was turned over to the state. Money is transferred from the Ohio Casino Tax Revenue Fund to multiple other funds - 51% to the county fund. 34% to Ohio schools, 5% to the host city of the individual casinos, 3% to the Ohio State Racing Commission, 3% to the Casino Control Commission, 2% to Problem Gaming and Addictions, and 2% to Law Enforcement Training.
In 2009, the University of Cincinnati issued a report predicting the casino ballot proposal would generate ‘nearly $11 billion in total economic impacts and more than $4 billion in fiscal revenues for the state of Ohio during construction and the first five years of operation.’
These predictions have so far fallen short, but the success of last month’s reports could be the start of a turn for the better in the state
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