New Casino Opens In Cincinnati, Ohio

March 4, 2013 Mijon Uncategorized, 0

After more than 2 years of construction, a new $400 million casino called Horseshoe Casino has opened in downtown Cincinnati, Ohio. Two of its neighboring states, Indiana and Kentucky, are looking on with some trepidation over the potential amount of revenue that will be flowing out of their states into the new casino.

This casino is the 4th of 4 casinos to be built that were approved by the voters of Ohio back in 2009. The three previous casinos have brought in nearly $404 million, of which nearly a third has gone to Ohio schools, counties and cities. It is projected that the new casino will draw about $227 million in gross revenue in its first year.

That would bring in about $75 million in taxes.

Even though Cincinnati Mayor Mark Mallory is touting the new casino as an alternative to the Vegas experience, which may not be altogether accurate, it will have some fine amenities such as a buffet, a VIP players' lounge with high limits, a World Series of Poker room and three outward-facing restaurants, including Jimmy Buffet's Margaritaville and Bobby's Burger Palace by celebrity chef Bobby Flay.

Across the state line in Indiana, leaders are acknowledging the fact that they will be losing revenue to the new casino in Cincinnati. Over the last 20 years, Indiana's casino industry has brought in $10 billion in taxes to become the state's third-largest revenue source after sales and income taxes. But there has been a steady loss of revenue since 2009 to casinos in the neighboring state of Michigan and.

And now with the opening of Horseshoe Casino, the revenue loss will be even more drastic.

Kentucky will see a loss of revenue as well, as its citizens will travel across state lines to Ohio to spend their Kentucky dollars in Ohio casinos. Kentucky has tried for years to get approval for a casino, but a strong lobbying effort on behalf of the horseracing industry has prevented approval.

Ohio had tried for years to get casino approval, and after 4 failed attempts, legislation was finally passed in 2009 .