Back in March, the US casino industry was forced to shut down. Since that time, states have begun allowing their casinos to reopen, yet many felt it would be months, if not years, before revenue earnings returned to normal. Incredibly, Ohio’s casino revenue actually reached a record high in July.
Gaming analysts are astounded to see how quickly things bounced back here. It seems like great news for casino companies around the country. Today, we’re going to look at how much money the state’s casinos managed to bring in last month.
Casinos Around the US Continue to Reopen
The US gambling industry took a massive hit back in March, as casinos around the country were forced to shut down. Some states indicated this shutdown would last longer than others. As many are aware, casinos play an important role for many communities around the United States.
As time goes on, more states are allowing casinos to reopen. Some states, such as Oklahoma and California, have seen their tribal casinos begin operating again without direct state approval. In Nevada and New Jersey, commercial casinos have been given the green light to start operating again.
This has been great for casino companies. Some health experts, however, fear that the reopening of casinos has contributed to the rise of Covid-19 cases around the United States. That’s particularly true in Nevada, which has seen a steep rise in coronavirus cases since casinos started accepting guests again.
The truth is that casinos needed to reopen in many cities around the country. Gambling revenue in places like Las Vegas has remained low, even after the city’s casinos opened back up. Most felt revenue figures would improve as the months went on.
That now appears to be true in Ohio. Reports are coming out that show gambling revenue in this state increased dramatically during the month of July. It’s exciting news for casino operators around the country, many of which have seen massive losses over the past few months.
So how much money did Ohio’s casinos actually earn?
Taking a Close Look at Ohio’s Casino Revenue in July
Many are surprised to hear that Ohio has a large and successful casino industry. Some of the gaming venues here are pure casinos offering both slots and table games. Others are “racinos,” which offer a limited number of casino games inside horse racing tracks.
July marked the first full month that casinos here were allowed to accept guests. Many analysts had questions about how the gambling properties here would fare amid the global pandemic. Fortunately, things seem much better than many had expected.
According to new reports, Ohio’s casinos and racinos set a record for the most revenue ever earned in a single month. Statewide, the traditional casinos here managed to bring in $86,407,151. That’s a major increase from July of 2019.
The Hollywood Casino Toledo set a new gaming revenue record. This casino managed to bring in an astounding $33,316,109 in July.
Prior to July, the most revenue this casino ever managed to bring in was $20,444,071. Many feel this shows that land-based casinos can thrive even with intense safety regulations set in place.
Jessica Franks, a spokesman for the Ohio Casino Control Commission, spoke to this development to the media this week.
“As best we can figure, Detroit’s three casinos have been closed until last week. And with the proximity of the Toledo casino to the Detroit area, we think a lot of those folks in Detroit came down to Toledo for gaming,” Franks said.
It’s unclear if Ohio’s casino revenue will continue to surge for months to come. We’ll continue offering updates as the weeks go on!
Ohio Lawmakers Are Still Hesitant to Legalize Sports Betting
States around the country are struggling to generate revenue at a time when it’s desperately needed. Many feel the gambling industry is one way for these states to earn money. Ohio is clearly profiting off its casinos yet lawmakers here remain hesitant to embrace the sports gambling industry.
That’s surprising to see. Since the removal of PASPA in 2018, more than 20 states have officially legalized sports betting. Most of these states are earning a huge amount of revenue from their regulated sports gambling platforms. That includes New Jersey, one of the first states to legalize this popular form of gambling.
There’s still a chance that sports betting legislation gets approved here in 2020. Ohio’s House approved a sports betting bill in May and with Senate approval, a measure to legalize sports betting could appear on this year’s ballot.
This seems more likely now that Ohio’s casino revenue is surging. Lawmakers can now see how the gambling industry can benefit the state.
We’ll continue offering updates on this situation over the next few weeks.
Are you surprised to see how much money casinos in Ohio managed to generate? Let us know in the comments section below!