Initial Ohio gaming revenues results ‘positive’ and ‘healthy’

So what does one month of revenues tell us about Ohio’s upstate casinos industry?

According to June figures released Monday by the Ohio Lottery Commission, the Horseshoe Casino Cleveland — which is part-owned and operated by Caesars Entertainment Corp. — collected $26.1 million in gaming revenues.

Penn National Gaming’s Hollywood Casino Toledo collected $20.4 million.

Meanwhile, the Scioto Downs Racetrack, which is owned by MTR Gaming, generated $11 million in revenue.

June was the first full month of the gaming revenues for the Cleveland and Toledo casinos.

“We believe these results provide a positive read through for future projects and show a healthy sampling of the depth of the market,” Deutsche Bank gaming analyst Carlo Santarelli told investors. “Recall, only two of the four casinos and one of the seven racinos are currently in operation.”

The casinos contributed $19.1 million in revenues to Ohio.

While the two casinos did well, some experts said the revenue at Scioto Downs was lower than expected but has the potential to grow.