Ohio casinos and racinos maintain momentum in February with 11% revenue growth
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Ohio casinos posted strong revenues in February, continuing momentum gained in record-breaking 2021. According to figures released on Monday by the Casino Control Commission, the four casinos operating in the state posted an 11.3% increase in February over the past year.
The four venues posted $75.2 million in revenue after all bets were paid, while the Ohio Lottery Commission announced that the seven racinos in the state were up 13.7% with $103.5 million in revenue.
"If we look at where 2021 went, beginning with a lot of uncertainty and ending with the greatest year on record for commercial gaming it makes sense that that momentum's continued into January and February and I'm glad to see Ohio doing so well,” said Casey Clark, Senior Vice President with the American Gaming Association, according to News 5 Cleveland.
The figures posted by the four casinos for February are almost flat from $75.6 million posted in January. Table revenue was slightly down to $22.4 million from $24 million in January, while slot revenue reached $52.8 million, up from $51.6 million.
Jack Cleveland Casino placed first at $20.2 million in casino revenue, followed by Hard Rock Cincinnati ($18.6 million), Hollywood Columbus ($18.4 million) and Hollywood Toledo ($18 million). However, on a year-to-date basis, Hard Rock places first, with $38.4 million in accumulated revenue between January and February.
However, despite the strong results delivered thus far this year, analysts speculate inflation and soaring gas prices may hurt the land-based casino industry going forward. "Certainly people have a limited amount of discretionary income and I think that will no doubt determine how they're choosing to spend and what they have to spend on their entertainment options,” said Clark, according to the cited source.
However, the American Gaming Association Senior VP argued it’s “a little too early” to tell what might occur in the long run, although it is “certainly something we’re keeping an eye on.”
While Jack Cleveland Casino posted slot machine revenue slightly down from January to $10.4 million, table revenue saw an increase from $7.9 million to $9.8 million. Table revenue is also up 1% year-on-year from February 2021, with 122 tables now allowed in comparison to just 76 last year amid Covid-19 restrictions.
February was a good month for greater Cleveland’s racinos too, which mostly increased their revenue compared to last year. MGM Northfield Park, in particular, posted a 16.7% gain, according to Cleveland.com. Combined, casinos and racinos in the state posted $179 million in revenue, up from $159 million last year.
