CLEVELAND -- You don't have to gamble to see the benefits of having the casino in town.
The Horseshoe Cleveland Casino alone is expected to bring in $230 million in tax revenue in its first year, getting things rolling for other casinos set to open later across the state.
The Ohio Casino Control Commission says once all four casinos are opened up, an estimated $683.7 million will be generated.
That is, as long as the state of Ohio doesn't approve video lottery terminals at race tracks.
It works like this. The casino pays a tax on 33% of the money it wins from patrons.
That money is divided up into the following categories.
- 51% to school districts
- 34% to counties
- 5% to the host city
- 3% to the Ohio Racing Commission
- 3% to Ohio Casino Control
- 2% to law enforcement fund
- 2% to gambling addiction program
Once all four casinos are open, Cuyahoga County can expect to gain $18.35 million in revenue. The City of Cleveland can expect to see $18.35 million, plus an added $11.5 million for being the host city.
According to data by the OCOC, schools in Cleveland should also expect to see $7.5 million in the fiscal year of 2014.
Even counties and school systems that aren't in the casino city limits will benefit. Counties will see money per population, while schools see money per pupil.
If the state does approve video lottery terminals in racetracks, those numbers will be reduced by about 27%.