Racino Video Lotteries Blow By Expectations
June 6, 2013 – A press release Monday from MTR Gaming Group reported that Video Lottery Terminals (VLTs) in the group’s Columbus, Ohio racino – Scioto Downs – had far exceeded revenue expectations in their first year.
While the Ohio Lottery Commission projected an average of $3 million a month in profits from VLTs at the racino, the returns have been 23 percent higher for a monthly average of $3.7 million.
The racino opened in June 2012, and was the first video lottery operator in Ohio. Overall, the terminals have contributed $37 million to the Ohio Lottery’s profits.
MTR Gaming also had to pay $50 million in licensing fees in order to operate the terminals, a bill they settled Monday with the second and final payment of $25 million to the Ohio Lottery Commission.
Ohio Lottery director Dennis Berg said that “Scioto Downs has been a good partner,” and that the Lottery is “grateful for Scioto Downs’ professional and proactive operations.”
MTR president Joseph L. Billhimer said in the press release that the group is “…ecstatic about the performance of the property and all of our team members at Scioto Downs.”
“We are proud that this money goes towards the betterment of the community through education,” said Troy Buswell, the general manager at Scioto Downs.
Buswell added that on top of funding for education through the Lottery, the racino has also created jobs, depended on local Ohio businesses for services, and contributed to charities in the state.