Ohio Lottery Commission reports another record-breaking month Net revenue increased $1M over Dec. 2016 in Austintown

in Lottery

Racino posts another record-breaking month Net revenue increased $1M over Dec. 2016 in Austintown

AUSTINTOWN — Hollywood Gaming at Mahoning Valley Race Course posted the highest December revenue from its video lottery terminals since the racino opened in 2014.

Net revenue was $9.2 million, up from $8.7 million in November, and more than $1 million more than last December, according to the Ohio Lottery Commission.

“In general, we continue to be extremely pleased by the response of our patrons to our offerings in Austintown,” said Bob Tenenbaum, spokesman for racino owner, Penn National Gaming Inc.

This was also the best December for wagers, with around $90 million in credits wagered and around $80 million won by players.

The percent payout, the percentage of incoming wagers returned to customers as prizes, was 89.7, about one half of a point lower than in December 2016 and the lowest so far in fiscal year 2018.

Of December’s revenue, around $6.1 million went to Penn National Gambling Inc. in Wyomissing, Pa., as profit and $3.1 million went to the lottery commission.

The racino also provides direct and indirect economic investment, including the $500,000 provided to Austintown in the first few years of the racino’s life. Jim Davis, Austintown trustee, said the racino provides revenue from property and sales tax, and it employs over 400 people, 90 percent of whom are local.

“We also have the residual effects of people buying gas or eating at restaurants because they’re coming to Austintown,” he said.

The lottery commission also collected $30,803 of remaining revenue to fund problem gambling-related addiction services.

http://www.tribtoday.com/news/business/2018/01/racino-posts-another-record-breaking-month/