Summary
- Gambling facilities saw a more than 10% jump in earnings when compared to February 2021.
- MGM Northfield Park saw a big 16.7% jump in revenues
- The high revenue numbers might not continue due to inflation.
Last year was a successful one in Ohio for casinos, despite the fact that COVID-19 was still an issue.
The state offered reduced gaming hours along with less slots and table games for a portion of the year, but that did not stop casinos and racinos from hitting high revenue numbers. The momentum has carried over to 2022, with the Casino Control Commission recently reporting a large jump in February revenues when compared to last year.
February Totals are High for Casinos and Racinos
In Ohio, there are four commercial casinos in operation. These venues earned over $75.2 million in February, which is a more than 11% increase from last year. The Ohio Lottery Commission is in charge of the racino industry, of which there are seven venues operating in the state. These venues hit over $100 million in earnings, a more than 13% increase from February 2021.
MGM Northfield Park earned over $22 milllion for the month, over 16% higher than the $19.2 million from last year. Jack Thistledown also did well, earning over $14.3 million, a 5.6% increase from the previous year.
On the downside, Jack Casino’s slot game revenue was down around 1% when compared to the same month last year. However, table games were up significantly, with more than 24% in earnings. With COVID-19 restrictions eased, it helps to provide more table games at the property, which boosted the overall earnings considerably.
Will the Strong Start Continue?
While January and February have been strong starts for the state, will it continue? Over the past few months, US residents have been dealing with soaring gas prices as well as higher prices for food and other items.
This could affect the entertainment industry, especially if the discretionary income of gamblers goes down. In some areas, people are paying close to $5 a gallon for gas. This could seriously affect the entertainment industry as a whole, and not just casinos.
Ohio gaming operators are certainly going to be watching the inflated prices of gas and food and hopefully not be affected. Promotions may need to be changed or certain incentives provided to bring in traffic to the casinos in order to continue to see high traffic numbers and revenue earnings. It’s a bit too early to tell how the costs will affect the gaming industry, but we should have a good idea in the coming months as to how the nation will be able to survive when considering the high prices of items needed for everyday life.
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