Five years have gone by since Cleveland opened its downtown casino. With the anniversary, some people are now wondering whether it lived up to the hype.
Though it created jobs, there were promises of big cash payouts for the community as well as talk of a second casino behind Tower City.
Today there is still no second casino, while the revenue continues to decline.
This week the Ohio Gaming Commission released the casino’s latest earnings, which reflected the worst-performing April since it opened.
Nearly $17-and-a-half million was made last month, compared to more than $19 million during the same time in 2016. Annual earnings have also fallen, from above $242 million in 2013 to about $203 million in 2016.
Since casinos are taxed 33% of their earnings, it means less money to go around for community services such as police departments.
Yet there may be a bright spot. The commission reports revenues continue to rise at both the Rocksino and Racino.
And though competition from them may affect the Jack’s bottom line, it may also push the casino to think bigger and better to win back customers.
Read the casino revenue reports here: http://casinocontrol.ohio.gov/Compliance/MonthlyCasinoRevenueReports.aspx