Horseshoe Casino Revenue Report Released
CLEVELAND — For the first time, the Ohio Department of Taxation released the casino revenue reports which include figures for the Horseshoe Casino Cleveland and Hollywood Casino in Toledo.
At the Horseshoe Casino, the total table drop and ‘coin-in’ amount at the slot machines was $137,884,282 for the two-weeks in May after it opened for business. In June, the total table drop and ‘coin-in’ amount was $202,519,795.
According to the state figures, the total adjusted gross revenue (AGR) for May was $16,503,655. This is the amount lost by game players and won by the casino. For the month of June, the AGR was $26,115,771.
“We’re in business to provide a compelling value proposition to customers”, said Marcus Glover, the Horseshoe Cleveland General Manager. “While we are a for-profit business, our utmost priority is to make sure we’re conveying value from an entertainment standpoint to the customers that come through our doors, so we’re hoping that people come here and have a great time.”
The report, released on Monday, was the first time the Ohio Department of Taxation had to compile the information from the two casinos in the state that opened in May. The information will now be released on a monthly basis
“When you walk in there, if you don’t think about it, you wouldn’t even know you’re in Cleveland,” said Johnnie Gooch, from Cleveland, who wasn’t surprised by the revenue figures. “They’re gonna make a lot of money, you know? They’re gonna make a lot of money [and] they gonna make a lot on me already!”
According to Rick Anthony, the Director of Operations at the Ohio Casino Control Commission, the casinos pay taxes daily to the state but the Ohio Department of Taxation will do county distributions on a quarterly basis. The first-ever casino revenue payment will be made to Cuyahoga County on July 31st, for $554,424.21.
“I like to play slots,” said Betty Allen, who was visiting from Georgia. “But I don’t lose a lot, I have a limit! I’m a retiree, so I have a limitation.”
The casino in Cleveland has already had a negative impact on a competitor in Erie, Pennsylvania. According to the Pennsylvania Gaming Control Board (PGCB), the gross terminal revenue at Presque Isle was $12.5 million in June 2012, down more than $1 million from nearly $13.8 million in June 2011.
A spokesman for the PGCB said it’s too early to gauge the long-term effect of the Horseshoe Cleveland on Presque Isle, but revenues are actually up at the casinos in Pittsburgh. The management at Presque Isle is already making plans to increase marketing and recoup some of the lost customers in Northeast Ohio.
“A lot of those casinos, I suspect, are losing a lot of business right now to Horseshoe, whether it holds up or not, time will tell,” said Chuck Roteck from Canton. “I like it, but there are other casinos around so we’ll see how it fares.”
At the Hollywood Toledo, the total table drop and ‘coin-in’ figure, combined for May and June, was $241,769,561. The combined total AGR at Hollywood Toledo was $22,843,040.
For the month of July, the total gross casino revenue tax deposits amounted to $19,760,132.67. The money is distributed into several funds, including a fund for students, a law enforcement training fund and problem gambling and addictions fund.