Ohio Gaming Revenue Slips in January
LISTEN TO THIS ARTICLE:Ohio's gambling industry faced a sluggish start to 2024, with a decline in revenue following a record-breaking year in 2023. Despite the slow start to the year, improvements are expected in the following months.
Casino and Racino Breakdown
The state's 11 casinos and racinos collectively generated $176.1 million in revenue during January, down from the $196.8 million reported in the same month last year. These figures represent the net income retained by the gambling establishments after payouts but before accounting for state taxes and fees.
Ohio's four casinos, according to the Casino Control Commission, contributed $75.2 million to the overall revenue, a decrease from the $86.1 million recorded in January 2023. These brick-and-mortar establishments continue to play a significant role in the state's gambling landscape.
Related: Continued Revenue Success Experienced by Ohio Casinos and RacinosThe state's seven racinos—hybrid facilities combining horse racing tracks with casino gaming—reported revenue of $100.9 million in January 2024, down from $110.8 million in the same period last year. Despite the dip, racinos remain popular among patrons seeking a diverse entertainment experience.
The Greater Cleveland market, home to prominent gambling venues, faced its own challenges. The combined revenue from three key establishments—JACK Cleveland Casino, JACK Thistledown Racino and MGM Northfield Park—amounted to $57.1 million in January. This figure represents a decline of approximately $5 million compared to January 2023.
Specifically, MGM Northfield Park reported $22.2 million, down from $24.4 million in January 2023. JACK Thistledown Racino's figure was $13.7 million, a $1.1-million year-on-year dip. Lastly, JACK Cleveland Casino's revenue was $21.2 million, a considerable drop from the $23 million it reported a year ago.
Recent Trends in Ohio
The January revenue decline follows a robust December, during which Ohio's casinos and racinos collectively generated $212.1 million. This was a significant increase from the $193 million reported in December of the previous year.
In 2023, the state's gambling establishments achieved a new milestone by recording a combined revenue of $2.38 billion, surpassing the previous year's total of $2.33 billion. This marked the 10th time in 11 years that Ohio set a new annual revenue record.
Since the launch of legal gaming in Ohio in 2012, the state's casinos and racinos have consistently improved every year. The only exception was 2020, when gambling everywhere suffered because of COVID-19.
While the reasons behind January's decline are not entirely clear, it remains to be seen if this represents a short-term fluctuation or a longer-term trend. Industry analysts will be closely monitoring the coming months to determine if Ohio's casinos and racinos can regain their momentum.
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