Horseshoe Casino Cincinnati
(Lawrenceburg, Ind.) - It’s the day southeast Indiana’s riverboats have had circled on their calendar, perhaps dreading, since Ohio voters in 2009 approved a constitutional amendment legalizing casino gaming.
The last of the four casinos in the Buckeye state opens Monday in downtown Cincinnati. The Horseshoe Casino Cincinnati will hold its grand opening at 8:30, welcoming the public to play its 2,000 slot machines and 85 table games.
By comparison, Hollywood Casino Lawrenceburg has 2,700 slots and 80 tables, according to the riverboat’s website.
About 1,700 people will be employed at Horseshoe Casino. Ninety percent of those employees are from the Cincinnati region.
The casino will bring additional revenue to the City of Cincinnati and Hamilton County. WCPO-TV reports that Hamilton County Administrator Christian Sigman estimated up to $6 million in new revenue in 2013.
More gaming revenue for Ohio communities means there is likely to be less for Indiana. Though not entirely because of the Cincinnati casino, Indiana budget officials estimate that state casino tax revenue will fall by $77.2 million, or about 15 percent, by 2015.
The impact could be larger in southeast Indiana. A 2009 study by Spectrum Gaming Group forecasted that the southeast Indiana gaming market could see its annual gaming revenue decline by as much as $390 million once all four Ohio casinos are online. The casinos in Lawrenceburg, Rising Sun and Switzerland County combined for $632 million in revenues in 2012, according to Indiana Gaming Commission reports.
Local communities like Lawrenceburg and Dearborn County will keep an eye on revenues at their backyards casinos, because the municipalities receive millions of dollars in revenue sharing and taxes from the casinos.