Big month for Penn in Ohio

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 Penn logomillion. 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 ResortsScioto 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.

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