Caesars Entertainment Operating Company, which operates the Cincinnati and Cleveland casinos as well as the Thistledown racino, has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code. However, Ohio’s gambling facilities were not listed in the filing. Newly appointed CFO, Eric Hession, has even stated to the Ohio ... Read More
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Contact Us 02
Feb2015
The greater Cincinnati area is one of the most competitive gambling markets in the state, with seven gambling facilities. Hollywood Lawrenceburg, located in Indiana, has dominated the area for years, routinely taking in two thirds of the market’s gambling dollars. But in 2014, Horseshoe Cincinnati, with revenues of $197.6 million, ... Read More
February 2, 2015ogadmin
29
Jan2015
With the exception of the Thistledown racino, all of Ohio’s gaming facilities that were open a year ago, saw revenue increases. Horseshoe Cleveland had its best month since March 2013 with revenues of $21.3 million, a 16.5% increase over last year. Among the casinos, the largest increase was at Horseshoe ... Read More
January 29, 2015ogadmin
24
Dec2014
A study conducted by Oxford Economics indicates that the gaming industry was responsible for $2.2 billion of Ohio’s economy in 2013. The industry employed nearly 14,000 and generated $672.5 million in tax revenues. Gambling revenue totaled $1.07 billion, well below the $1.9 billion that was projected in 2009 when gambling ... Read More
December 24, 2014ogadmin
23
Dec2014
Horseshoe Cincinnati was fined a total of $40,000 by the Ohio Casino Control Commission. $25,000 was for failure to obtain required certifications from third party vendors for contracts greater than $100,000. The remaining $15,000 was a result of the casino allowing employees to receive tips that aren’t permitted to accept ... Read More
December 23, 2014ogadmin
23
Dec2014
A Senate amendment to HB494 called for three annual payments of $500,000 to Austintown and Dayton for being racino host cities. Governor Kasich has vetoed the amendment. The issue was over where the payments would come from. The amendment called for a 50-50 split of each $500,000 payment, half coming ... Read More
December 23, 2014ogadmin
22
Dec2014
Caesars Entertainment Corp, whose subsidiary Caesar Entertainment Operating Co. manages the Horseshoe casinos in Cleveland and Cincinnati may be on the verge of bankruptcy. They have closed three casinos this year and face a mounting debt that currently stands at $25 billion. In a recent SEC filing, Caesars stated that ... Read More
December 22, 2014ogadmin
22
Dec2014
Every gambling establishment that was open a year ago (4 casinos and 2 racinos) experienced revenue declines in November. Hollywood Columbus had the smallest decline, $16.8 million which was down from $17.5 million a year ago, a 4.1% decrease. Hollywood Toledo had the next smallest decline with revenues of $14 ... Read More
December 22, 2014ogadmin
15
Oct2014
By law, casino operators are required to be transparent with all financial transactions. Rock Ohio Caesars failed to notify the Ohio Casino Control Commission of a loan refinancing that it failed to close. As a result, the OCCC has fined Rock Ohio Caesars $200,000, the largest fine levied against a ... Read More
October 15, 2014ogadmin
14
Oct2014
Casino revenue projections are not the only numbers falling short. In 2009, projections called for 17,200 casino jobs. To date, there are 14,444. Casino officials all point to the same reason. Racinos. VLT’s became legal at horse racing venues in 2011 and has created competition for casinos that was not ... Read More
October 14, 2014ogadmin