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Racino numbers improve for third straight month
By ROBERT CONNELLY
AUSTINTOWN
An uptick in numbers at Hollywood Gaming at Mahoning Valley Race Course continued for a third-straight month in June.
Though the net win, or revenue after prize payouts, fell from $7,791,342 in May to $7,640,090 in June, most financial numbers released Tuesday showed an increase. That includes an increase of nearly $1 million in credits played, and accordingly, a boost of more than $1 million in credits won, along with an increase of about $14,000 in promotional play credits, from $473,444 in May to $487,227 in June.
The payout rate increased to 90.02 percent, the first time the payout rate went above 90 percent, and the win per machine per day increased to $294 from $290 a month ago.
The net win of $7,640,090 in June was distributed with $5,055,257 staying with Hollywood Gaming and $2,559,430 to the Ohio Lottery Commission and $25,403 to problem- gambling services.
June’s financials finish off the state fiscal year of July 1, 2014, to June 30, 2015. Since the Austintown racino did not open until September 2014, it is not a full 12-month picture, but the net win for the fiscal year was a total of $73,593,722 with $48,695,126 staying at Hollywood Gaming. October, the first full month of operations, remains the best month in many financial categories such as credits played, $79,796,985, and a net win of $8,621,783.
“You hate to talk about trends, but clearly we’ve had a series of real solid months and we’re very pleased, and continue to be very pleased with the response and support we continue to get from the folks” in the community, said Bob Tenenbaum, spokesman for parent company Penn National Gaming Inc.
“There really hasn’t been a letdown, other than January and February. Those were a bit lower, but ... when you get extreme weather like that, you’re always going to have some impact.”
Tenenbaum cautioned that a full picture of a racino isn’t known until one can compare numbers year-to-year. “By the end of next year, we’ll start having really good comparisons on year- over-year,” he said.
Statewide, numbers fell across the board with about a $6 million drop in net revenue, from $73,637,987 in May to $67,423,977 in June and credits played slipped about $65 million at the state’s seven racinos. All those facilities have been open in the state since Hollywood Gaming in Austintown was the last to open in September 2014.
The state’s racinos brought in a total net win of $772,956,258 in fiscal year 2015, up significantly from fiscal year 2014, which featured a $437,576,360 net win with five racinos open. Similarly, there was an influx of about $3.5 billion credits played with all seven racinos open.
In 91/2 months of operations, more than $700 million credits have been played at the Austintown track.
On the casino side, Horseshoe Cincinnati fell about $600,000 in adjusted gross revenue to $16.09 million in June; Horseshoe Cleveland dropped nearly $5 million in revenue, falling from $19.01 million in May to $14.39 million in June; Hollywood Columbus fell about $2 million in June to $16.4 million; and Holly- wood Toledo revenue fell about $400,000 to $16.59 million in June.