Ohio casinos and racinos see new best January ever at $171M revenue
The 11 casinos and racinos in Ohio raked in $171.2 million in January, a record-setting figure for the Buckeye State, according to a report released on Monday by the Casino Control Commission. Ohio’s new best January ever for revenue finds gambling venues in the state bouncing back from a dip the same month last year, amid COVID-19 restrictions.
The previous January record was $167.5 million, posted in 2020. That all-time-high revenue, however, slightly dropped to $153.4 million in 2021, when facilities operated within reduced hours under a state-ordered curfew.
Ohio casinos posted statewide revenues of $75.6 million for the month, up from $64.9 million in January 2021. Of that revenue, $24 million corresponded to table games (up from $17.5 million) and $51.6 million to slots (up from $47.4 million).
Hard Rock Cincinnati posted the most revenue at $20.2 million, up from $12.4 million. It was closely followed by Hollywood Columbus at $20 million in revenue, up from $18 million the prior year. Meanwhile, JACK Cleveland Casino posted $18.3 million, up from $16.5 million in 2021; while Hollywood Toledo was the only to post a drop: $17.2 million, down from $18 million.
Ohio racinos posted statewide revenues of $95.6 million, slightly up from $88.5 million in January 2021. MGM Northfield Park placed first at $20.2 million, followed by Eldorado Scioto Downs ($17.3 million), Miami Valley Gaming ($15.6 million) and JACK Thistledown Racino ($13.2 million). Hollywood Mahoning Valley and Hollywood Dayton were tied at $11.6 million, while Belterra Park placed last, reporting revenues of $6.5 million.
Casinos in the state are taxed at a rate of 33% on Gross Casino Revenue, which is then distributed to a number of funds: 51% is directed to the County Fund; 34% to the Student Fund; 5% to the Host City Fund; 3% each to the Ohio State Racing Commission and the Ohio Casino Control Commission; and 2% each to the Law Enforcement Training Fund and the Problem Gambling and Addictions Fund.
The new revenue report confirms an upwards trajectory for gambling revenues in the state, showing no signs of slowing down. Ohio casinos and racinos brought in $2.31 billion in revenues in 2021, a record year, despite curfews in place for part of the period.
But Ohio gambling could further post new record-setting figures once sports gaming launches in the state. A bill legalizing the vertical was signed into law by Gov. Mike DeWine in December, finally bringing sporting events wagering to the Buckeye State. The market is set to open before Feb. 2023, and could develop into a millionaire industry.
In a report last year, the Ohio Casino Control Commission, set to oversee the new market, estimated it could start accepting applications for businesses looking to enter the industry “in the summer or fall of 2022.”
An estimate by the Ohio Legislative Service Commission claimed the market could be at $3.35 billion after several years of operation. Sports betting in the state is set to be subjected to a 10% tax on net revenue, which could bring in approximately $7 million during the first half of 2023, and $24 million in the first full fiscal year.
Another prediction by PlayOhio estimates Ohio’s sports betting market is capable of producing as much as $900 million in gaming revenue, $12 billion in wagers, and $90 million in state taxes once the market matures.
As legal sports betting gets closer to becoming a reality, companies in Ohio are looking to get a piece of the billion-dollar pie. This includes JACK Entertainment, which plans to offer betting at two new sportsbooks located in Cleveland at its JACK Thistledown Racino and JACK Cleveland Casino; as well as online and mobile formats through a new app.
Meanwhile, the Hall of Fame Village at Canton’s Pro Football Hall of Fame has already invested more than $300 million into a multi-use sports and entertainment project, which will now include a sportsbook. The sports complex is expected to be completed this year along with a new center for performance and fan engagement zone, which will open later this summer.