A recent report from the American Gaming Association says that Ohio’s casinos and racinos are responsible for 18,000 jobs, have an economic impact of $3 billion and generate $900 million in tax revenues for the state.
All four casinos had increased revenues from a year ago. Horseshoe Cincinnati led the way. Revenues of $16 million represented a 15% increase over last year. Hollywood Toledo ($15.6 million) was up 2% and Horseshoe Cleveland ($17.9 million) was up 4%. Hollywood Columbus at $17.2 million was about the same ... Read More
Thanks to an appropriation in Ohio’s biennial budget, six communities will each receive $1 million over the next two years to help with infrastructure costs and increased public safety for the racinos. The money will be paid in two installments of $500,000 each at the end of 2015 and 2016. Half ... Read More
Hollywood Gaming at Mahoning Valley is adding 75 VLTs at a cost of $975,000. This will increase the total number of VLTs to 941. Hollywood Gaming already generates the most revenue per VLT among the state’s seven racinos. Penn National Gaming is hopeful construction will be complete by September 1.
Several former employees of Horseshoe Cincinnati have been indicted on two different scams that cost the casino more than $121,000. In one of the scams, a table games supervisor would place a predetermined sequence of cards into a deck at a baccarat table. Once the deck was ready, he would ... Read More
Horseshoe Cleveland and Horseshoe Cincinnati have been fined by the Ohio Casino Control Commission (OCCC). The Cleveland casino was fined $50,000 for issues involving its surveillance system. Inadequate coverage of table games was discovered during a routine audit by the OCCC several months ago. It was the failure of the casino to resolve ... Read More
For the fourth consecutive month, Ohio’s seven racinos have exceeded the four casinos in revenue. July racino revenues totaled a near record $73.1 million, only behind May’s $73.6 million. Casino revenues totaled $69.5 million, a modest $1.5 million above last year (2.2%) but $6 million more than in June.
Horseshoe Cleveland saw no ... Read More
According to a recent report by RubinBrown LLP, Ohio had the largest annual increase in gaming revenues in 2014. 23 states have commercialized gambling. Only eight increased revenues in 2014. Ohio’s $1.45 billion was a 35.5 percent increase over 2013 revenues. Three new racinos opened in 2014.
But the picture was ... Read More
A recent Moody’s Investors Service analysis seems to think so. Some observations from their report:
An aging population. People 65 and older don’t have as much discretionary income that gambling really relies on.
At the other end, younger people aren’t as interested in gambling as older generations. And those who are interested prefer technology ... Read More
For only the second time since commercial gambling was legalized in Ohio, revenues from Ohio’s seven racinos ($70.5 million) exceeded those of the state’s four casinos ($69.5 million).
Hard Rock racino, with revenues of $17.2 million in April, led the way with a 17.7 percent increase over last year. Scioto Downs was ... Read More