Ohio Racinos End Best Fiscal Year Ever For Revenue

Ohio Racinos End Best Fiscal Year Ever For Revenue
By Jim Tomlin

Ohio racinos ended the 2021-22 fiscal year on a record note even though June's net win was down from the previous months.

For the 12-month period from July 2021 to June 2022, the state’s seven racinos (or racetracks with slot machines) combined for $1.33 billion in revenue.

June revenue was $107.65 million, down 6.3% from the $114.925 million in May.

That was part of a statewide decline, as the four commercial casinos in the Buckeye State combined for $81.54 million in revenue, the third straight month of decline after setting a record with $93.3 million in March.

Here are three takeaways from June for Ohio casinos and racinos.

Racinos Clear $1B for Third Time

The exact revenue total for the 2021-22 fiscal year at Ohio’s seven racinos was $1,331,288,649, easily beating the state record of $1,186,204,390 set in 2020-21, according to figures from the Ohio Lottery. Those two years join 2018-19 ($1.058 billion) as the only years over $1 billion; the 2019-20 figures were dented by the outbreak of the COVID-19 epidemic and related closures.

To demonstrate how much revenue (also known as net win) has grown in the state, the first time that monthly revenues cleared $100 million was in March 2020 at $103.1 million. The 2020-21 fiscal year ended with four consecutive months over $100 million (all over $112 million, in fact.)

As for the 2021-22 FY? Every month except January had revenues in nine figures, averaging nearly $111 million per month.

For June, MGM Northfield was the top revenue draw at $23.53 million. Eldorado Gaming Scioto Downs in Columbus followed at $18.57 million, then came Miami Valley Gaming in Lebanon with $17.25 million and JACK Thistledown Racino in Cleveland at $15.18 million.

The other racinos reported June revenue as follows: Hollywood Mahoning Valley in Austintown ($13.11 million), Hollywood Gaming Dayton ($12.37 million) and Belterra Park in Cincinnati ($7.65 million)

All seven facilities saw declines from their May figures.

Casino Revenue Over $500M Thus Far in 2022

The four Ohio casinos pulled in $81,544,036 of total revenue for June, a 6.0% decrease from the $86,718,355 in May, according to the Ohio Casino Control Commission. About $56.2 million of that revenue came from slot machines and $25.3 million from table games.

JACK Cleveland Casino led the state at $21.73 million in June revenue. JACK is a major gaming concern in Ohio and has launched a free sports betting app to get state residents used to the ins and outs of wagering on sports without risking any actual money yet (more on sports betting later).

Hollywood Columbus Casino was second in the state for June revenue at $21.16 million, followed by Hard Rock Cincinnati ($20.46 million) and Hollywood Toledo ($18.19 million). 

The casinos and racinos in The Buckeye State combined for a bit more than $189 million in revenue last month, down more than $25 million from the $215.6 million in May.

Sports Betting Licenses Granted

As Ohio sports betting sites draw closer to their Jan. 1 launch, the list of applicants keeps growing.

In late June, along with the aforementioned JACK gaming company, DraftKings Ohio signed up under the Crown Ohio Gaming LLC entity. DraftKings is one of the leading sportsbooks around the nation in the 30-plus states that have legalized, regulated sports betting.

Earlier in June, BetMGM Sportsbook signed up for an Ohio license, as did PointsBet.

Gov. Mike DeWine signed HB 29 into law, making Ohio the latest state to legalize wagering on sports. 

The various well-known mobile betting apps in Ohio will join retail outlets in offering wagers on a myriad of options in the state, including the NFL’s Bengals and Browns (albeit not until the final couple of weeks in the 2022-23 season), the NBA’s Cavaliers, the NHL’s Blue Jackets and, for 2023, MLB’s Guardians and Reds and the Columbus Crew and Cincinnati FC in Major League Soccer.

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Contributors

Ohio native Jim Tomlin has 30 years of experience in journalism, mostly in sports. He lends his expertise to BetOhio.com as a writer and editor after previous experience at the Tampa Bay Times, FanRag, Saturday Down South and Saturday Tradition.

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