Ohio Casino Revenue Down $3.3 Million In September

Ohio Casino Revenue Down $3.3 Million In September

Ohio casinos have posted a moderate performance for September. According to the figures released by the Ohio Casino Control Commission, the overall revenue from four licensed casinos in September was $68.3 million. The September revenue was down $3.3 million from August.

While the revenue dropped from August, it was up when compared with revenue generated in September 2018. Last year for the same period, the Ohio casinos generated $66.5 million.

There are four casinos in Ohio, Jack Cleveland Casino, Jack Cincinnati Casino, Hollywood Casino Toledo, and Hollywood Casino Columbus.

Recently, the Ohio Casino Control Commission approved the sale of JACK Cincinnati Casino to Vici Properties. VICI Properties, REIT formed from Caesars Entertainment Corp. in 2017 had struck a deal in April to purchase the casino pending regulatory approval.

The entire deal with Jack Entertainment, the company which owns and operates the Jack Cincinnati Casino, is worth $745 million. While VICI properties are to pay $558 million in cash the remaining $187 million is to be paid by Hard Rock Entertainment for the operating assets of the gambling venue.

According to the terms of the deal, VICI Properties and Hard Rock would enter into a multi-year partnership. Hard Rock will pay $42.75 million a year to lease the property for an initial 15-year term with the option for four five-year extensions.

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