The seven racetrack casinos of Ohio have reported record revenues via slot machine gaming with the recent fiscal year.
The state of Ohio is home to seven racetrack casinos, known as racinos. These venues offer slot machine gaming and during the recent fiscal year, the venues were able to hit record revenues. While the racinos did quite well, the land-based casinos of the state were only able to see small gains during the first portion of 2018.
On Monday, the Ohio Lottery Commission released the recent figures, with the fiscal year ending on June 30th generating $987 million in revenues from slot machine gaming. The racinos saw a 6.1% increase in slot machine revenue earnings based on comparisons with the same time frame from 2017. Over the past few years, the slots of the racinos have done really well, seeing a steady growth in earnings, growing as much as 1/3 since the fiscal year of 2015.
Each of the racinos in the state reported a revenue gain based on year-over-year totals. The Hard Rock Rocksino was the leader in earnings, with a 6% increase, generating $246.5 million. The Scioto Downs took the second-place position, earning $163.8 million while the JACK Thistledown facility was able to earn $121.4 million.
Land-Based Casino Revenues
When the racino slot machine revenues were released, the Ohio Casino Control Commission also provided the data from the first half of 2018 within the four land-based casinos. A total of $420.5 million was earned via slot and table game play, which is a 2% increase from the same time frame last year. Three of the four venues were able to see gains while one was not so lucky. The JACK Cincinnati was the lowest earner, bringing in $100.7 million, which is flat compared to 2018. The biggest earner was the Penn National Gaming’s Hollywood Casino Columbus, which brought in $115 million.
The racinos were able to outperform the casinos when it came to June figures, with $87.4 million generated, which is much higher than the $78 million from June 2017. The casinos only brought in $67.1 million which is slightly higher than last year’s $64 million. Table revenues helped the land-based venues to earn more for the month, especially considering that the slot games were down year-over-year.
The racinos and casinos are may soon be able to offer more if sports betting comes into play in the future. Reportedly, the gaming operators of the state want to get in on the sports betting industry now that the United States Supreme Court has ruled that PASPA is no longer valid. The Governor of the state, John Kashich, has stated via his office that he is considering the possibility of allowing sports betting in the state.
No movement has been made as far as legislation is concerned, so it would still be some time before any activity would be able to take place. It has been suggested that if lawmakers decide to legalize the option but have the same high tax rate of 33% as seen via non-slot games, then operators may not be too keen on signing up for sports betting.
Only time will tell what the state will do, but for now, there are earnings to be made via the slot games of both land-based casinos and racinos. It will be interesting to see if the increase in earnings will continue to be the trend for the state or if the games will see a change in earnings in the coming months.