After a solid first quarter, gambling at Ohio casinos and racinos is leveling off a bit. Compared to June 2021 and May 2022, revenue dipped at Ohio casinos and racinos in June.
Despite the dip, 2022 revenues are slightly up when comparing January-June of this year to last year.
- January-June 2021 total revenue for casinos and racinos: $1.15 billion
- January-June 2022 total revenue for casinos and racinos: $1.17 billion
- Percentage increase: 1.9%
By comparison, last month saw a 2.5% revenue increase in January-May revenues from 2021 to 2022.
The subtle dip in revenues over the last few months indicates that a record year could be in question. However, in comparison to 2019, the last full year of gaming and racing before COVID-19, Ohio casinos and racinos are still flying high.
Casinos in Ohio dip for third month in a row
Since a record-setting March, Ohio casinos have dipped for the last three months. Total revenue for June came in at $81.5 million, 5.88% below May’s $86.6 million and 3.8% below June 2021’s $84.7 million.
Of the four commercial casinos in the state, the only casino to outpace its June 2021 numbers was Hard Rock Cincinnati. On the other end, Hollywood Columbus saw the greatest drop in revenue from June 2021 to June 2022. Jack Cleveland brought in the most revenue for the second month in a row, followed by Hollywood Columbus, Hard Rock Cincinnati and Hollywood Toledo.
Looking at the period of January-June over the last two years shows that casino revenues for 2022 are outpacing 2021. However, that result owes heavily to a strong January-March.
- January-June 2021 total revenue for casinos: $488.25 million
- January-June 2022 total revenue for casinos: $505.32 million
- Percentage increase: 3.3%
|Casino||June 2022 Net Revenue (in millions)||May 2022 Net Revenue (in millions)||June 2021 Net Revenue (in millions)|
|Hard Rock Cincinnati||$20.4||$21.8||$19.4|
Ohio racinos follow similar trajectory as casinos
Much like 2021, strong March and April revenues have quickly tapered off for Ohio racinos.
Similar to Ohio casinos, the racinos are down for the third month in a row. June revenues came in at $107.6 million, down 6.35% from May’s $114.9 million and 4% from June 2021’s $112.1 million.
The only racino to outperform its June 2021 numbers was MGM Northfield Park, which came in roughly $500,000 over its June 2021 totals. Most racinos saw a decrease of $500,000 to $1 million in revenue from 2021. The exception was JACK Thistledown, which dipped over $2 million from last year.
Comparing January-June revenue for the last two years suggests the monthly growth in revenue over 2021 may be coming to a close.
- January-June 2021 total revenue for racinos: $662.8 million
- January-June 2022 total revenues for racinos: $667.44 million
- Percent Increase: .6%
|Racino||June 2022 Net Revenue (in millions)||May 2022 Net Revenue (in millions)||June 2021 Net Revenue (in millions)|
|MGM Northfield Park||$23.5||$24.3||$23|
|Eldorado Scioto Downs||$18.5||$20.5||$19.4|
|Miami Valley Gaming||$17.2||$19||$17.9|
|JACK Thistledown Racetrack||$15.1||$15.8||$17.4|
|Hollywood Mahoning Valley||$13.1||$13.8||$13.4|
|Belterra Park Thoroughbred Track||$7.6||$8.3||$8|
Ohio sports betting accepts first wave of licenses
Starting on June 15, Ohio opened its first of two 30-day windows for sportsbook licenses. So far, the following operators have applied:
- JACK Entertainment, which owns the JACK Cleveland and JACK Thistledown racino
- The Pro Football Hall of Fame
- Cincinnati Bengals
- PENN Sports Interactive, which includes the Barstool Sportsbook App
- Elys Game Technology, which plans to operate sports betting kiosks through the Ohio Lottery
The first application window closes on July 15. With the first application window coming to a close within days, expect Caesars Sportsbook to have an application on file soon.The second window begins immediately after, running until Aug. 15. Sports betting in Ohio will launch on Jan. 1, 2023.