MGM Remains Atop Ohio Casino Revenue But Lead is Shrinking
The September revenue reports, released by the Ohio Lottery Commission on Monday, made for grim reading for the MGM-owned Northfield Park and good news for their rivals JACK Entertainment.
The casino/racino owners saw gains posted in two of their Buckeye State locations as they continued to make up ground on their competition at Ohio’s busiest facility. Racinos, after all, have been enjoying recent success surpassing $1 billion in video lottery terminal gaming during the last fiscal year.
A September slump for MGM
According to the figures, which were reported by the Cleveland Plain Dealer, MGM Northfield Park has maintained its position as Ohio’s busiest casino but nevertheless saw losses for the sixth month straight.
Slots revenue at the former Hard Rock Casino dropped 1.4% to $19.4 million, from $21.9 million in September 2018. Indeed last month marked the lowest total revenue since January 2018 at the racino, which is currently experiencing a year-on-year dip of 5.1% on slot revenues.
That will make grim reading for the execs at MGM who paid more than $1 billion to wrestle the award-winning gaming, dining and entertainment facility away from Hard Rock in July 2018.
Interestingly enough, Hard Rock purchased the JACK Cincinnati Casino for a reported $745 million just last month.
Located in Northfield, Ohio, a suburb approximately 17 miles southeast of downtown Cleveland and 18 miles north of Akron, it is ideally placed in Ohio’s gaming market. Hosting more than 200 live races a year, as well as boasting 2,300 gaming devices and a host of guest amenities, Northfield Park was publishing some impressive revenues at the time of acquisition but has seen figures dip ever since.
Good news for JACK Entertainment
The bad news was compounded for the MGM Northfield Park as JACK Entertainment’s rival Cleveland casinos continued to post good numbers for the month ending September 31. Revenue was up 14.1% to $11.7 million at the nearby JACK Thistledown Racino in North Randall, and modestly up (3.8%) to $17.2 million at JACK Cleveland Casino.
The latest increase are the latest chapter in an upward swing that has seen slot revenues at JACK’s properties soar to new heights. Over the past six months takings up 5.7% to $104.9 million at JACK Cleveland Casino and a staggering 12.6% to $73.1 million at JACK Thistledown.
The Cleveland Plain Dealer report also made for good reading for the State of Ohio which takes around a third of facilities profits in taxes and/or fees. According to figures quoted online, casino revenues in September totaled $155.1 million across the state, up 1.9% from last year.
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