Follow us on

Monday, May 20, 2013 | 11:49 p.m.

Web Search by YAHOO!

Posted: 4:24 p.m. Wednesday, Oct. 10, 2012

Business falls at casinos for third consecutive month

Butler County is expected to receive $644,631.42 in revenues the second quarter after receiving $344,000 on July 31.

  • comment(4)

By Joanne Huist Smith

Two of the state’s casinos saw business fall for the third consecutive month.

In statewide figures released by the Ohio Casino Control Commission on Tuesday, the adjusted gross revenue — revenue minus winnings paid to patrons — for the casinos was just over $37 million in September compared to $40.2 million in August and $43 million in July.

The Hollywood Casino Toledo collected just under $16 million in September, about $1.5 million less than the previous month. Horseshoe Casino Cleveland saw collections fall by about $1.7 million from August to September to $21.1 million.

“It’s very typical of new casinos to take a year to determine what the revenue stream is going to be,” said Bob Tenenbaum, a spokesman for Penn National Gaming, which operates Hollywood Casino Toledo. Tenenbaum would not comment further saying, Penn doesn’t talk about specific results from individual properties.

David Schwartz, director of the Center for Gaming Research at the University of Nevada, Las Vegas, said the revenue drop could be attributed to two factors.

“Maybe the casinos came on strong when they opened and the rush has diminished,” he said. “It also might be seasonal. People may gamble more in one season compared to another.”

Schwartz said a full year of data where the same months can be compared from year-to-year will be a better gauge of the casinos’ performance in the long term.

Meanwhile, the second distribution of Ohio’s gross casino revenue tax will reach county budgets by the end of the month.

The tax payouts to Ohio’s 88 counties and to cities with more than 80,000 residents are based on population. The Ohio Department of Taxation makes the distributions to jurisdictions quarterly on or before July 31, Oct. 31, Jan. 31 and April 30.

Butler County is expected to receive $644,631.42 in the second quarter after receiving $344,000 on July 31. Warren County is set to receive $374,427.

In 2010, Ohio voters approved development of four casinos. Tax distributions by the state this month reflect tax collections from operations at facilities in Toledo and Cleveland, which opened in May. The Columbus casino opened Oct. 8 and the Cincinnati casino will open in 2013.

Gross casino revenue — the total amount of money exchanged for tokens, chips, and tickets, less any winnings paid out — is taxed at a rate of 33 percent.

Staff writer Lauren Pack contributed to this story.

  • comment(4)

More News

 

Hot topics

 

© 2013 Cox Media Group. By using this website, you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad ChoicesAdChoices.