BREAKING NEWS
Ohio casino revenue may be less than projected
Horseshoe Casino Cleveland
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 02/05/2013
CLEVELAND (AP) -- Gov. John Kasich's budget proposal suggests that revenue from Ohio's four voter-approved casinos could be about half of what officials had predicted years ago.
The (Cleveland) Plain Dealer ( http://bit.ly/XkX5gy ) reports that state officials estimated four years ago that the casinos could take in as much as $1.9 billion a year after all were in operation.
But Kasich's budget proposal issued Tuesday projects that gross casino revenue will be $957.7 million for the fiscal year beginning July 1. It could rise to just over $1 billion in the following fiscal year.
The figure is significant because smaller revenues mean fewer tax dollars for the state.
Officials say the lower estimate takes into account competition from racinos and lower-than-expected revenues at the three casinos already operating.
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Information from: The Plain Dealer, http://www.cleveland.com
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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