The gambling operators in Northeast Ohio have been struggling to shake off the decrease in profits for the past few months. The financial reports of the three gambling operators in the area have lost double digits for the last two months compared to September and August, 2013. Up until now, the most profitable month for this year is August, with September being the lowest.
The Horseshoe Casino Cleveland has reported a considerable decrease with over 13% after all bet payments were processed for September. They have earned less than $17 million, compared to the $18.9 for the same month of 2013.
The only month that has provided less revenue than September was January, where due to extremely cold temperatures the casino had to close its doors for two days and the total monthly profit was less than $17 million.
A partial explanation to the overall decline in profit for Horseshoe is that it has two hundred slot machines less compared to when it opened – bringing 15% less revenue from slots. Table games also reported a 10% decline despite August being the most profitable month for this category since the launch of the casino.
The other two casino and racetrack operators in Northeast Ohio have followed a similar track. ThistleDown has received close to $10 million from video lottery which is 15% less than August and 20% less than 2013. The 5% difference in decline is due to the Hard Rock Rocksino opening in-between.
Despite being brand new and fresh on the block, Hard Rock Rocksino in Northfield Park brought an overall revenue of no more than $15 million in September, 12% less than the reported from August. “With more than 2,300 gaming devices, varied dining options and excellent live music events, the Rocksino is sure to become a the premiere entertainment and gaming destination in the Midwest” said Hard Rock’s chairman – Jim Allen. Despite the uplifting comments from the chairman of Hard Rock International, it seems the overall difficulties that the industry is going through have affected Hard Rock Rocksino as well.
Local experts say that the newly opened Hollywood Mahoning Valley is also responsible for contributing to the lower financial reports from Hard Rock and ThistleDown. Mahoning opened on the 17th of September in the area of Youngstown and for thirteen days of work it has amassed $6 million in revenue. The racino has the impressive 850 video lottery terminals and will suit as a replacement for the Beulah Park Racetrack in Columbus, Ohio.
The revenue of video lottery terminals from the three Northeast Ohio operators (Hard Rock, Horseshoe and ThistleDown) is down by thirteen percent for September, a record low.
The State of Ohio has seven racinos and four casinos. It has reported an overall decrease of 8% on its monthly gambling report. The state looks upon Horseshoe Casino Cleveland to get it out from this negative financial ‘snowball effect’ as despite it having lower revenues, it is the state’s number one casino. As to racinos, Hard Rock Rocksino is leading the charts.
