Ohio’s Land-Based Casino Revenue Dips $4 Million In June

Ohio’s four land-based casinos faced a challenging month in June, with revenue dropping 3.5% from May, according to the latest data from the Ohio Casino Control Commission. This dip in revenue, totaling $4 million, is a common trend in gambling markets during the summer months.

 

Key Takeaways

Revenue Drop: Ohio’s land-based casinos generated $81.6 million in June, down 3.5% from May and 1.5% year-on-year.
Potential Tax Revenue: Online casinos could generate $500 million a year in tax revenue for Ohio if taxed at 20%.
Impact on Land-Based Casinos: Concerns remain about the impact of online casinos on brick-and-mortar establishments and potential increases in problem gambling.

In June, Ohio’s casinos struggled to match May’s performance. Here’s a detailed breakdown of the revenue figures for the state’s casinos:

Jack Cleveland Casino: The casino saw a significant drop in revenue, earning $19.7 million in June, which is a 7.5% decrease from May. This decline amounted to a loss of approximately $1.6 million.

Hollywood Columbus Casino: This casino managed to keep its revenue relatively stable, reporting a total of $23.4 million for June. The slight drop from May’s figures was minimal, with a combined decrease of just $460,265 across its operations. Notably, its table game revenue remained steady.

Hard Rock Cincinnati Casino: Hard Rock also experienced a small decline in revenue, totaling $20.2 million in June. The decrease was relatively modest compared to the other casinos, with a drop of just $460,265 from May.

Hollywood Toledo Casino: Hollywood Toledo saw its revenue decrease to $18.2 million in June, which is a 4.9% decline from the previous month. This reduction translated to a loss of around $931,000 from May’s figures.

Overall, the total revenue for June was $81,589,899, with slots generating $59,775,731 and table games bringing in $21,814,168. Year-on-year, revenue was down 1.5% from $82,802,342 in June 2023 to $81,589,899 this past month.

 

Future Prospects for Online Casinos

The debate over the legalization of online casinos in Ohio continues. Advocates, including three Republican lawmakers, argue that online gaming could bring substantial tax revenue, estimated at nearly $500 million annually if taxed at the same rate as sports betting. This potential revenue could significantly boost the state's finances, particularly as online gambling becomes more popular. However, there are significant concerns regarding the potential impact on existing land-based casinos and the risk of increased problem gambling.

Matthew Kredell, a legislative reporter for PlayUSA, has highlighted these concerns in his coverage of Ohio's ongoing debate over online gaming. Legislators are worried that the introduction of online casinos might cannibalize the revenue of brick-and-mortar casinos and lead to higher rates of problem gambling among Ohioans. Additionally, there are fears that online casinos could put personal information at risk, adding another layer of complexity to the legalization issue.

 

Conclusion

Despite a slight downturn in revenue for June, Ohio’s land-based casinos managed to mitigate more significant losses. The ongoing discussion about online casino legalization highlights the potential for significant tax revenue but also underscores the challenges and concerns that come with expanding the gaming market. As Ohio navigates these issues, the performance of its land-based casinos will continue to be a critical factor in shaping the state’s gaming industry future. The balance between leveraging new revenue streams and protecting the existing casino industry will be crucial in the coming months as lawmakers deliberate on the potential legalization of online casinos.