Ohio racinos brought in $117.5 million in revenue in July, making a small jump up from strong June numbers.
Though still strong, this July came about a half-million dollars shy of hitting last July’s benchmark. That represents a decrease of about 0.4%.
By contrast, in June, revenues were up 2.8% year-over-year. Ohio casinos, which offer table games in addition to slot machines, or VLTs, also showed a slight YoY growth in June, increasing revenues by 1.6%. Casino revenue numbers for July won’t be released until the end of August, but they tend to share a similar trend with the racinos.
Ohio racino total revenue:
July 2023: $117,540,311
June 2023: $110,748,080
July 2022: $118,011,500
Only one racino posted a significant revenue increase
Individual racino revenues were mostly flat or slightly down year-over-year, with only MGM Northfield Park making a decent gain. The Cleveland-area harness racing and gaming property brought in an additional $1.6 million over last year, for an increase of 6.3%.
After posting year-over-year gains every month so far this year (sometimes significant ones), Miami Valley Gaming saw its first month with a slight revenue decrease from the previous year.
Eldorado Scioto Downs made slightly more than Miami Valley Gaming, which allowed it to reclaim its No. 2 rank for the month, even after posting a decrease of over $1 million YoY.
There were no other surprises, with the rest of the field remaining stable and Belterra Park continuing to struggle to keep up with last year’s numbers.
Ohio racino July revenue (millions):
| Racino | July 2023 | June 2023 | July 2022 |
|---|---|---|---|
| MGM Northfield Park | $26.9 | $24.7 | $25.3 |
| Eldorado Scioto Downs | $20.2 | $18.4 | $21.3 |
| Miami Valley Gaming | $20.2 | $19.3 | $20.5 |
| JACK Thistledown Racetrack | $16.0 | $15.7 | $15.8 |
| Hollywood Mahoning Valley | $13.8 | $13.5 | $14.0 |
| Hollywood Dayton | $13.0 | $12.0 | $12.8 |
| Belterra Park | $7.4 | $6.9 | $8.3 |
| TOTAL | $117.5 | $110.7 | $118 |
Some signs point to market maturity for Ohio racinos and casinos
This year started off strong for retail gambling in Ohio, and new monthly revenue records were set in March. Revenues have increased every year for Ohio casinos and racinos as the market has grown and matured.
However, revenues in 2022 were only slightly more than 2021. Racinos virtually matched the revenue made in the previous year, and the casino market grew 2.18%.
So far in 2023, the brick and mortar locations seem to be on the same path as last year: on pace to make a little more revenue than the year before. Slight ups, slight downs; nothing very significant.
This could be a clue that the gambling market in Ohio has reached maturity. Most potential in-person gamblers are already engaged, leading to stable revenue numbers.
Market saturation, or lack of customer excitement?
At the same time, a few properties seem to stand out as it relates to revenue growth. MGM Northfield Park seems to consistently post year-over-year growth, and Miami Valley Gaming has been riding strong momentum. Hollywood Casino Columbus seems to be on an upward trajectory as well.
The anecdotal evidence from these three large properties would suggest there is more room for the market to grow. More room might be one key factor in the success of these three. They are likely the three largest gaming properties in the state in terms of gaming floor size and number of games offered. But they’ve also established themselves as premier entertainment destinations in their respective regions.
At least two of the three have an eye toward expanding further, with hotel plans either in the works or in the realm of possibility.
Miami Valley Gaming crushes the racino competition in both Cincinnati and Dayton, despite being relatively far from the urban core of either city. And though not as drastic, it’s a similar story in Columbus and Cleveland. The most popular gambling spots are the ones with the most space and the most to offer.
