Horseshoe Casino marks 1st full year of operations

CINCINNATI, OH (FOX19/AP) - The last of four voter-approved Ohio casinos is celebrating its first birthday - and revenue has failed to meet expectations.

Cincinnati's casino opened March 4 last year. The state's first casino opened in Cleveland in May 2012, followed by Toledo that same month and then Columbus five months later.

Cincinnati's milestone marks the first full year that all four casinos have been feeding into state and local coffers.

Through the end of January, the casinos drew about $772 million. If current revenues hold through March, the casinos will be on track for revenues of nearly $900 million during the first full year they've all been operating.

Back in 2009 when developers pushed to have Ohio's four casinos built, the Ohio Department of Transportation predicted the casinos would bring $1.9 billion annually in gross revenue. The annual gross revenue in 2013, which includes this January, was $8.8 million.

In 2009, Cincinnati's Horseshoe Casino was projected to bring $517 million of annual gross revenue once it opened. However, the number for 2013 – including January – came to $201 million.

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