Horseshoe Casino Cincinnati Announces Grand Opening DateOhio Casinos Continue To Do Well In First Year, Take Business From Neighboring States |
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The Horseshoe Casino Cincinnati has announced that it will open its doors for business on March 4, 2013.
The grand opening date has since been approved by state regulators, who will complete final inspections on Ohio’s fourth casino in the coming months.
The two-story, $400 million property is a joint venture between Caesars Entertainment and Rock Gaming and is expected to create 1,700 permanent jobs ranging from casino dealers, slot attendants, hotel staff and food and beverage personnel.
Approximately one quarter of the 400,000 square-foot building will be designated as gaming space, housing 2,000 slot machines, 85 pit games and a 31-table poker room. Rock Gaming has already stated that it expects to attract 6 million visitors and earn somewhere in the neighborhood of $300 million annually.
At a tax rate of 33 percent, that would allocate an additional $100 million in tax revenue for state and local government, benefiting the city and school district.
Ohio’s other three casinos, located in Cleveland, Toledo and Columbus, have put up solid numbers in their first year of operation. Once all four properties are up and running, the total annual revenue figures are expected to be over $1 billion.
The new competition in Ohio is bad news for the state of Indiana, which continues to see a decline in visitors. Combined attendance dropped 19 percent during the month of November at each of the three Southeast Indiana casinos, while revenue dropped an additional 10 percent.
The drop has caused a southern Indiana economic development association to urge the state Legislature to alter existing gambling laws in order to remain competitive in the region.
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