Real money gambling on slot machines is big business across Ohio’s seven racinos and according to recent revenue figures for the past fiscal year ending in June it continues to get bigger as a billion-dollar industry.
Cleveland.com recently posted an article by Rich Exner detailing the growth of the racino business in Ohio when it comes to slot machine revenue. The numbers for the fiscal year report that the seven locations in the state collected a combined $987 million in slot machine revenue after paying out all winnings. This figure represents a gain of 6.1 percent over the previous fiscal year ending in June.
How Are Ohio’s Seven Racinos Continuing to Boost Slot Machine Revenue?
Racino revenue has shown a steady growth over the past several years. Going back to the fiscal year ending in 2015, the total slot machine revenue was $733 million. The following year it jumped to $869 million before topping out at $923 million in Fiscal 2017. A third of the revenue collected from the racinos goes to the Ohio Lottery Commission and all seven locations reported a gain for Fiscal 2018.
The biggest racino in the state is Hard Rock Racino, which is located 20 miles south of Cleveland. Previously owned by Milstein Entertainment LLC, this location was recently acquired by MGM Growth Properties LLC for a reported $1.06 billion. The slot machine revenue for the past fiscal year at Hard Rock Racino was $246.5 million. This represents a 6.0 percent gain from Fiscal 2017 when the revenue figure was $232.6 million.
As reported in the Cleveland.com post, Scioto Downs in Columbus is the second-biggest racino in the state. This location posted a 10 percent gain in slot machine revenue going from $153 million to $168.3 million the past year.
Revenue figures released for the other five racinos start with Miami Valley in Lebanon at $151.6 million. Next on the list with $121.4 million in revenue is JACK Thistledown in North Randall followed by Hollywood Mahoning Valley in Youngstown at $115.3 million. Rounding out the seven locations are Hollywood Gaming Dayton at $103.5 million and Belterra Park in Cincinnati at $80.7 million.
Is The Slot Machine Revenue The Biggest Money Maker For Ohio’s Seven Racinos
The state’s racinos are regulated by the Ohio Lottery Commission and they operate on a fiscal year basis from July 1 to June 30. Gambling consists of video gaming machines without the presence of table games.
Ohio has four casinos and they are regulated by the state Casino Control Commission on a calendar year. These casinos are made up of slot machines, other video style machines, and table games. The revenue generated from these real-money gambling venues benefit host cities, counties and school districts through collected taxes.
Revenue figures for the first six months of 2018 after paying out winnings at the four locations were up two percent to $420.5 million. This represents a gain of $8.2 million in revenue from the first six months of 2017. Casinos in Cleveland, Columbus, and Toledo all posted gains with Cincinnati flat against last year.
JACK Cleveland Casino posted the most revenue for table games at $50.5 million and Hollywood Toledo generated the most revenue for slot machines at $85.8 million.