Ohio Learns the Reality about Gambling Revenue
The local government in Ohio must have been extremely happy at the beginning of this summer when money started coming in from two new casinos.
In the month of June the casinos in Cleveland and Toledo brought in almost $418 million with a percentage of that earmarked for the local and state government. However, in July things dropped dramatically and the casinos only brought in $350 million.
Although this is still a large amount of money, the drop means that casino gambling will have lost some of the appeal it had during June.
Of course, to analysts it will not have come as much of a surprise, once the novelty effect of a new casino has worn off then the visitor numbers will drop.
There will have been a number of visitors in the first month that came to try out a casino one and decided not to return.
However, over time revenue from these casinos, and the two new ones planned for Columbus and Cincinnati will stabilise and turn into reliable sources of revenue.
However, Ohio will have learnt, just as may other states have, that it is risky to rely on revenue from casinos.