Ohio's Honeymoon With Gambling Over As Revenue Drops In June
Ohio lawmakers had the vision of the state becoming one of the leaders in the casino gambling industry when they began expansion discussions nearly a decade ago. After voters approved four gaming resorts, it appeared as though the vision was justified.
Now, just a short time after the casinos opened, it looks as though the attractiveness may have worn off. The seven casinos in Ohio had their worst month since opening in June, with revenue declining by nearly five percent from May.
In May, the five casinos in Ohio brought in $72.2 million in revenue. That figure dropped to $68.6 million in June. Racinos did not fare much better in June, with revenue dropping from $22.5 million in May to $21.7 million in June.
The Horseshoe Cincinnati saw the worst revenue decrease between the two months, falling to $17.6 million. That represented a 10.2 percent decrease from a month earlier. Holywood Casino Columbus had revenue drop 1.5 percent, to $16.5 million. Horeshoe Cleveland and Hollywood Casino Toledo each dropped 3.6 percent from May, with $19.3 million and $15.2 million, respectively.
The summer months are rarely good for casinos around the US, as residents are in the process of vacationing. The slow summer months will soon lead to what is expected to be a busy fall for casinos around the country.
"Casino gambling has become one of the premiere weekend entertainment options for people in the US," said Analyst Tracy Shore. "This fall should see several states hit record revenue numbers, and Ohio very well could be one of those states. They should not be worried too much about the summer revenue figures. The fall should bring the Ohio casinos back up to par."