Home Economy Ohio collected $72.1 million in taxes from casinos in the first three months in 2016

Ohio collected $72.1 million in taxes from casinos in the first three months in 2016

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The four casinos in Ohio generated $71.2 million in tax revenue in the first three months of 2016, the most profitable quarter since they opened in 2012, according to the Ohio Department of Taxation.

The casino tax revenue increased by approximately $4 million in 2016’s first quarter from the fourth quarter of 2015. Four casinos in Cincinnati, Columbus, Cleveland and Toledo all showed a revenue increase coming into 2016, according to Ohio Casino Control Commission.

The casino revenue tax is imposed on licensed casino operators at a rate of 33 percent.

Hollywood Columbus has been the most profitable casino so far in 2016, bringing in nearly $19 million in March alone. Among the four casinos, Hollywood Toledo generates the most revenue from slot machines, totaling $50 million in the first quarter in 2016. Horseshoe Cleveland makes the most money from table games, generating more than $55 million in the first quarter in 2016.

More tax revenue from gambling means that Ohio’s counties, cities and school districts will receive more money from the earmarked fund.

Half of the casino tax revenue in Ohio is distributed quarterly to all 88 counties based on county population. The most populated city in each county receives 50 percent of the county money. Those cities include Akron, Canton, Cincinnati, Cleveland, Columbus, Dayton, Toledo and Youngstown.

The city of Columbus will get $1.9 million as the most populated city in Franklin County for the first quarter in 2016, according to the Ohio Department of Taxation.

Thirty-four percent of the casino revenue tax is funneled to all school districts in Ohio based on student populations.

The rest of the money is used to promote horse racing in the state, improve law enforcement and treat casino gambling addictions.

The Buckeye state’s gaming and gambling industry has been booming in recent years. Ohio saw a hefty 13.3 percent increase in gaming revenue in 2015—the biggest boost among Midwest states—according to a report from the national accounting firm RubinBrown.

Ohio’s casinos and horse racing venues generated $1.64 billion in 2015the third among nine Midwest states behind Indiana ($2.14 billion) and Missouri ($1.7 billion)according to the report that examines 1,000 gaming operations in 40 states. 

Editor’s note: This article has been modified from it’s original version.

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One Comment

  1. 2017 STATE OF OHIO ESTIMATED TAX PAYMENTS

    April 13, 2016 at 7:35 am

    […] Ohio collected .B million in taxes from casinos within the first three months … Half of the on line casino tax income in Ohio is distributed quarterly to all 88 counties based mostly on county inhabitants. The most populated metropolis in every county receives 50 % of the county cash. Those cities embrace Akron, Canton, Cincinnati, Cleveland …. More about on The New Political (satire) […]

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