Ohio’s casino industry experienced a decline in revenue during the month of April, following a strong start to the year. While the state’s four casinos are still expected to achieve record-breaking revenue figures for the year, April’s numbers fell short, particularly considering that it is traditionally one of the highest-grossing months.
In April, Ohio’s casinos generated $86.5 million in revenue, marking a 6.8% decrease compared to the same month last year. In 2022, April stood as the second-highest month in terms of revenue, falling just short of March, the highest-earning month.
However, this year, April’s revenue declined by nearly $7 million when compared to the previous month, reflecting a month-over-month decrease of 7.5%.
Ohio Casino Revenue Declines Following a Record-Breaking March
March witnessed Ohio’s casinos setting a monthly revenue record, narrowly surpassing the previous year’s record. Despite the combined totals for March and April, the revenue for the first quarter of this year exceeded last year’s figures by over $11 million.
Comparing the casino revenue from January to April in 2023 ($348,640,533) with the same period in 2022 ($337,059,584), there is a notable difference of $11,580,949.
Casino revenues in Ohio include four individual properties located in the state’s largest metropolitan areas, which offer both table games and slot machines. The Ohio Lottery Commission regulates and separately reports the revenues generated by Ohio’s seven racinos, which are limited to slot machine gaming.
Examining the Casino Revenue Figures
April 2023: $86,496,095 March 2023: $93,475,564 (new monthly revenue record) April 2022: $92,848,116
Shifts in Ohio’s Casino Revenue Rankings
JACK Cleveland Casino, which has typically been the highest-earning casino among the retail gambling locations, dropped to the third-highest-earning position in April. JACK fell short by $1 million in comparison to the total revenue generated by Hollywood Columbus, while Hard Rock Cincinnati managed to outperform JACK by approximately $600,000.
In March, both Hollywood Columbus and Hard Rock Cincinnati came close to matching the revenue of the Cleveland casino, but ultimately fell short. It is worth noting that last year, the casinos in Cincinnati and Columbus surpassed JACK’s revenue figures in April as well.
All four casinos experienced a revenue drop of over $1 million in April, both in comparison to the previous month and the same month of the previous year.
April Casino Revenue Comparison (in millions):
- JACK Cleveland: $21.9 (April 2023), $23.0 (April 2022), $24.4 (March 2023)
- Hollywood Columbus: $23.0 (April 2023), $24.3 (April 2022), $24.3 (March 2023)
- Hard Rock Cincinnati: $22.5 (April 2023), $24.4 (April 2022), $24.0 (March 2023)
- Hollywood Toledo: $19.0 (April 2023), $21.1 (April 2022), $20.7 (March 2023)
- Total: $86.5 (April 2023), $92.8 (April 2022), $93.5 (March 2023)
Racinos in Ohio Also Set to Break Records
Ohio’s seven racinos witnessed a similar revenue trend in March and April. March saw a new record being set, followed by a decline in April. The racinos generated $118 million in April, reflecting a year-over-year decrease of 3.8% and a decrease of 5.7% from the new March record.
The record set in March was primarily due to one racino, which experienced significantly higher numbers compared to the previous year. Miami Valley Gaming saw its revenue increase by $2 million or 9.85% compared to the previous March. The other racinos maintained numbers similar to their previous performances.
Overall, with the continuous growth of the gambling industry in Ohio, both casinos and racinos are expected to perform better this year than they did last year. Gambling has become increasingly popular in the state, and the newly launched sports betting in Ohio could potentially have a positive impact on casinos and racinos.
To cater to the growing demand, each Ohio casino and racino has incorporated a retail sportsbook on-site, often accompanied by a sports bar atmosphere offering food and drink. Considering that the Ohio sports betting market is on track to become one of the largest in the country, these new amenities are likely to attract visitors who might not have otherwise visited the gambling establishments.