Ohio: Overstated Projections By Spectrum!

Spectrum Gaming prepared a report for Massachusetts Governor 'Slot Barns' Patrick that cost taxpayers $189,000. That report includes projection that are conspicuously overstated, easily revealed by a simple comparison.

Spectrum Gaming is currently preparing a study for Florida and those projections will surely be as inaccurate. There is NO PENALTY for selling Predatory Gambling to lawmakers easily blinded and gullible.

This is simply an excuse:

Casino operators...say predicting gambling revenues is an inexact science.

 

Casino nets $19.8M as Ohio gambling results lag

Oct. 7, 2013 2:22 PM

Written by

Alexander Coolidge

Horseshoe Casino Cincinnati raked in $19.8 million in September, up 3 percent from August, the Ohio Casino Control Commission said Monday.

Improving local results contrasted with statewide casino revenues, which declined 3 percent to $68.9 million.

Ohio casinos are generating almost $908 million in gambling revenue annually – about $227 million less than predicted by a state study in 2011 commissioned by Gov. John Kasich, an Enquirer analysis shows.

The shortfall means roughly $75 million fewer tax dollars for local governments and schools, which receive the lion’s share from the 33 percent gambling tax. Ohio’s four casinos are doing enough business to generate $300 million in gambling taxes that benefit all 88 counties, four host cities and more than 600 school districts.

Most of the shortfall is due to disappointing results at the Hollywood Casino Columbus, which marks its first year anniversary Tuesday. The 2011 study by Spectrum Gaming Group of Atlantic City forecast the casino would rake in nearly $382 million a year.

During nearly 12 months of operations, the Columbus casino generated $215.3 million – $166.4 million short of the forecast.

Casino operators have stressed they didn’t produce the 2011 study and say predicting gambling revenues is an inexact science.

Other Ohio casinos are bringing in less revenue and taxes than forecast, but the shortfalls are less severe. The Horseshoe Casino Cincinnati so far is performing closest to forecasted projections.

The local casino is generating $237 daily per gaming position – chairs at slots machines or gaming tables.

This represents $$$ removed from the local economy, taken away from local business.
Each Slot Machine permanently removes 1 JOB per Year from the local economy.


At that rate, it’s worth $233 million in gambling revenue a year – $6 million short of the $239 million forecast.

Horseshoe Casino Cleveland gets $282 daily per gaming position. That translates into $262 million in gambling revenue a year – $18 million short of the $280 million predicted.

Hollywood Casino Toledo is generating $209 daily per gaming position. That means it’s generating $193 million in gambling revenue a year – $42 million short of the $235 million estimated.

http://news.cincinnati.com/article/20131007/BIZ/310070081/UPDATE-Casino-nets-19-8M-Ohio-gambling-results-lag?nclick_check=1