Ohio’s four casinos last month showed revenues that increased slightly from the month before, but were less than the same month in 2014.
In May the four casinos took in over $71 million, about $345 million so far in 2015. Ohio collects about one third of casino revenues and awards it to local government and schools. The data comes from the Ohio Casino Control Commission and is collected from casinos in Cincinnati, Cleveland, Toledo and Columbus.
Of those Cincinnati saw the largest change, with profits up $809,000 in May from the previous month.
The state has seven racinos now open, which led to the largest-ever gaming revenue for the state, $73 million in May.
The Horseshoe Casino Cleveland’s total slots total for May was $9.2 million; about half what it was three years ago, a month after the casino first opened.
A direct result of less than expected casino revenues in the Buckeye State is that some counties that were counting on the money to backfill funds lost from other state sources are experiencing shortfalls.
The total gaming revenue for Cleveland was $19 million last month, compared to 19.5 million from the same month in 2014. Of that $9.8 million came from table games.
One facility that has been hit is the 15-year-old Nationwide Arena that the Franklin County Convention Facilities Authority operates in Columbus.
The casino profits fund that was meant to buy new seats or pay for maintenance has dried up after three years. All of the money is being used to pay the management company that markets the arena—with nothing left for maintenance or payments on loans that built the facility. The Authority owes $10 million to the state and $44 million to Nationwide Realty.
The Authority was originally expecting $2.2 million in 2013 and 2014 in the capital improvement fund but actually realized $400,000. This is forcing the Authority to postpone improvement projects, pushing them back years.
The problem is that the city of Columbus and Franklin County agreed in 2012 to contribute 25 percent of their casino revenue to the Authority, in lieu of committing taxpayer dollars. The amount will increase to 32 percent over the next few years. According to a spokesman for Columbus Mayor Michael B. Coleman, quoted by the Columbus Dispatch, “We feel the agreement we struck a few years ago was a good deal then and it’s a good deal today. It’s working the way it was intended.”
Casino profits have funded some improvements to the arena from the $17 million initial deposit made in 2012.
In a related development, Marcus Glover, general manager of the Horseshoe Casino Cleveland, who helped bring the casino to the city five years ago, has resigned, effective early July.
Assistant Manager Scott Lokke will take over Glover’s duties temporarily.
