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Horseshoe Casino Cincinnati boasts 100,000 square feet of floor space for games. The casino opened March 4, 2013. Bryce Anslinger/WCPO
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Horseshoe Casino Cincinnati makes $21 million in first-month revenue

Cincinnati property ranked second in Ohio

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CINCINNATI - Horseshoe Casino Cincinnati generated $21 million in first-month revenue in March, making it Ohio's second highest-grossing casino.

New figures from the Ohio Casino Control Commission show the Horseshoe property generated $15.8 million in revenue from slot machines and $5.2 million from table games in its debut month. The casino opened March 4, so it didn't have a full month of revenue to count.

Horseshoe Casino Cleveland outperformed the Cincinnati property in March with $24.5 million in revenue. Hollywood Casino in Columbus registered $20.9 million in adjusted gross revenue; Hollywood's Toledo property came in last, at $17.8 million.

If the Cincinnati property can sustain its opening month revenue for 12 months, it would reach $252 million. Casino developers have predicted first-year revenue of $300 million.

The Indiana Gaming Commission is scheduled to report casino revenue tomorrow morning.

One expert predicts Southeast Indiana properties will post numbers "considerably weaker" than one year ago. But Edward Feigenbaum, publisher of Indiana Gaming Insight, said it could be several months before the impact of the new Cincinnati casino is known.

"Obviously, there are a lot of people who will kick the tires of the new entry in the market," Feigenbaum said. "There's always a big boom when a new property opens and then things settle down to an equilibrium."

Cincinnati's Horseshoe property paid out 89.27 percent of its total slot machine revenue in prize money in March. That amount was lower than Ohio's average payout of 91.27 percent and it's lower than all three Southeast Indiana casinos in February. Feigenbaum said that's likely due to the mix of machines being played in Cincinnati.

Lower-denomination slots tend to have lower payout totals than quarter and dollar slots. Nevertheless, he said local gamblers can expect to see marketing materials soon in which Indiana competitors tout their slot machines as being more friendly than those in Cincinnati.

"Is it fair to say that after one month? Probably not," Feigenbaum said. "But they're going to fight back and this is one way to do it."

 

 

 

Copyright 2013 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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