Posted: Jan 8, 2021, 9:08 am.
Last update on: January 8, 2021, 11:05 am.
Gross gaming revenue (GGR) at Ohio casinos and race track racinos declined by $ 500 million last year.
Ohio casinos, including the JACK Casino shown here in Cleveland and the state-owned Racinos, reported lower gaming revenues over the past year. Apart from the government-ordered shutdowns, 2020 was actually a good financial year. (Image: JACK Cleveland)
COVID-19 resulted in a complete shutdown of gaming days from mid-March through late June on orders from Ohio Governor Mike DeWine (R). Since reopening, venues have had to adhere to strict regulations, including reduced capacity.
The seven racinos in Ohio that only offer video game terminals reported a P&L of approximately $ 796.6 million. The four casinos reported that GGR totaled $ 643.4 million from their slots and table games.
The combined hail – $ 1.44 billion – is a 26 percent decrease from 2019, when the 11 properties posted record profits of $ 1.94 billion.
The seven racinos in Ohio are Belterra Park, Eldorado Gaming Scioto Downs, MGM Northfield, Hollywood Gaming Dayton, Hollywood Mahoning Valley, JACK Thistledown Racino, and Miami Valley Gaming. Casinos include JACK Cleveland, Hollywood Columbus, Hard Rock Cincinnati, and Hollywood Toledo.
The reduction in the NHA left a negative impact on the state treasury. The effective tax rate for casinos and racinos is 33 percent. The drop in gaming winnings reduced tax generation by approximately $ 175 million.
Now the good news
Although Ohio’s gaming industry saw sales decline 26 percent in 2020, the overall health of casinos and racinos is going strong.
When the properties did not have to be closed and were fully functional around the clock, they reported record GGR. The best grades of all time were set in January, February, July, August, September and October. Casinos won $ 86 million in July, their best month ever.
The Ohio gaming rally ended in November after DeWine announced a shorter operating time for casinos and racinos as the number of new COVID-19 cases and hospital stays increased significantly. Since November 19, gaming has been required to shut down at 10:00 p.m. every night across Buckeye state. They are allowed to resume at 5 a.m.
However, with the spread of the coronavirus vaccine, there are many reasons to be optimistic about the Ohio gaming industry. In 2019, Ohio was ranked 8th in terms of revenue from commercial casinos in the United States.
Sports Betting Latest
Ohio is a sports-obsessed state. But unlike many of its neighbors, it hasn’t legalized sports betting. Efforts have repeatedly failed since the federal ban was lifted more than two years ago.
Legislators say it will revisit the issue this year in the capital, Columbus.
We know the number of states that legalize sports betting continues to grow, so we want to make sure that if the people of Ohio want to gamble, they can do it here. “ said Rep. Brigid Kelly (D District 31).
Future Ohio Oddsmakers will miss the Cleveland Browns, who are making the NFL playoffs for the first time in 18 years. Previously, the Browns were the owners of the longest playoff drought. They’re traveling just 100 miles southeast to face their long-time division enemy, the Pittsburgh Steelers, in the upcoming AFC Wild Card game. The Steelers are favored by six points.