November revenues for Ohio’s four casinos was $62.8 million, a 10% year-on-year decline, according to the Ohio Casino Control Commission.
Horseshoe Cleveland casino had the steepest year-to-year drop. The casino grossed $16.1 million, down 20% from a year ago.
Horseshoe Cleveland usually posts the highest monthly revenue total but increased competition from Hard Rock Racino, ThistleDown Racino and the recently opened Hollywood Gaming at Mahoning Valley Race Course have cut the casino’s numbers.
In Toledo, revenue dropped more than 5% from last year to an even $14 million, the casino’s second-lowest month this year after January.
Horseshoe Casino Cincinnati’s revenue fell 10% year on year to $15.8 million although this was better than the 23% year-on-year decline in October.
Despite the 4% year-on-year drop, Hollywood Columbus reported the highest revenue among the state’s casinos and racinos for the second consecutive month in November to $16.8 million.
“We’re certainly happy to have the largest revenue in the state but I don’t know if two months is a trend,” said Bob Tenenbaum, spokesman for Hollywood Columbus.
Some have theorized that the state’s four standalone casinos would suffer as video slots expanded to racinos across the state. Racino revenue was up 145.4% to $60.3 million. The spike can be attributed to seven racinos operating last month while only two were open a year ago.
“When you add (new gambling venues) to a market, it will negatively impact the competitors already open,” said Steve Gallaway, a principal of Gaming Market advisors, a Denver research firm. “This was especially true in the Cleveland and Cincinnati markets but less so in central Ohio, where’s there’s only two competitors.”
Combined casino and racino revenue was $123.1 million in November, up 29.9% from a year earlier.
“The good news is, the Ohio market overall was up about 30% from a year ago,” Gallaway added. “That demonstrates there’s still growth, and the market is still maturing.”