August revenue from Ohio’s two casinos, including Hollywood Casino Toledo, slipped from both June and July, but both venues continue to do strong business, according to a monthly report released Sept. 7 by the Ohio Casino Control Commission.

Gamblers wagered a total of $349.8 million at Hollywood Casino Toledo and Horseshoe Casino Cleveland in August, off almost 9 percent from the amount wagered in July. The $383.8 million wagered in July was off 8 percent from June, both casinos’ first full month of operation, when total gambling wagers was $417.8 million.

Gamblers wagered a total of $168.2 million at Hollywood Casino Toledo in August, down about 11 percent from the $189.1 million wagered there in July, which was down about 12 percent from $215.2 million wagered in Toledo in June.

The 2,023 slot machines at Hollywood Casino Toledo accounted for about 90 percent of the wagering at the venue.

When gambling wagers are down, total revenue after payouts is also down, from a statewide total of $46.6 million in June to $43 million in July to $40.3 million in August.

Taxable August revenue for Hollywood Casino Toledo was $17.4 million, down from $19 million in July and $20.4 million in June. Taxable August revenue for Horseshoe Casino Cleveland was $22.8 million, down from $23.9 million in July and $26.1 million in June.

The state collects 33 percent of casino revenue as a tax, which it then distributes to counties, cities and other organizations according to a formula. The 33 percent tax on August’s $40.3 million revenue should be about $13.3 million.

The first quarterly distribution to counties and cities happened in July. The next distribution will be in October. The first distribution to school districts will be in January and will take place every six months thereafter.

The formula dictates 51 percent of the collected revenue will be distributed among Ohio’s 88 counties in proportion to population with half of a county’s distribution going to its largest city if that city’s population is 80,000 or more. Thirty-four percent of the revenue will be distributed among public school districts, 5 percent among host cities, 3 percent to the Ohio Casino Control Commission, 3 percent to the Ohio State Racing Commission fund, 2 percent to a state law enforcement training fund and 2 percent to a state problem gambling and addictions fund.

Horseshoe Casino Cleveland became the first casino in the state when it opened May 14. Hollywood Casino Toledo opened May 29. Hollywood Casino Columbus is set to open Oct. 8 while the Horseshoe Casino Cincinnati is set to open in spring 2013.

To view the full monthly revenue reports, visit casinocontrol.ohio.gov and click on “Monthly Casino Revenue.”

Tags: Hollywood Casino Columbus, Hollywood Casino Toledo, Horseshoe Casino Cleveland, Ohio State Racing Commission

This entry was posted on Friday, September 7th, 2012 at 3:54 pm and is filed under Casinos, Community.
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