With one glaring exception, February was an outstanding month for Ohio casinos and racinos. The underachiever was Horseshoe Cleveland, which fell 9% on revenues of $18 million. Even struggling Thistledown Racino managed a 3% uptick, grossing $9 million. Horseshoe Cincinnati did just fine, vaulting 14% to an $18 million gross. Penn National Gaming, meanwhile, vastly overshot JP Morgan analyst Joseph Greff‘s expectations, growing business 13% (Greff expected 2% improvement). Hollywood Toledo was up 13%, on $17 million, and Hollywood Columbus leapt 14% with a $19 million gross. Hollywood Dayton grew 7% on $8 million while Hollywood Mahoning Valley skyrocketed 21% to an 8% gross.
The Buckeye State’s coffee achiever, however, was Pinnacle Entertainment‘s Belterra Park, which grew revenue 35%, to $6 million. Hard Rock Rocksino slipped several notches from its usual first-place vantage point, grossing $17 million for an 18% increase. The independent Miami Valley racino saw a 19% increase, to $11 million, while Eldorado Resorts‘ Scioto Downs was up 11% to $13 million. Gov. John Kasich‘s breakup of the Caesars Entertainment/Penn National duopoly in the Buckeye State was controversial at the time (we were against it) but it has redounded handsomely to the benefit of the state’s economy.
It is commonly agreed amongst regular gamblers that Hollywood casinos breach the trust of the slot player with slots set so tight that it is impossible to win, and that they have done considerable disservice to the people of Ohio. Indeed, they abuse the privilege they have been given.