Attached is the 15-page analysis released this afternoon that details how the promised $2.840 billion gross in annual revenue promised by the horsetracks and their "Earn & Learn" campaign will actually yield only about $1.080 billion.  That would be $1 billion and $760 million less than their advertised claims on TV.

This new state Office of Budget and Management study uses Harrah's market data on Ohio and looks at comparable midwest gaming data from Indiana, Illinois, Missouri, etc., to reach these independent revenue estimates.  These estimates use methodologies as applied in past studies by other outside experts experienced in the gaming area.

This study makes key points about how poor locations at distances from major populations and/or better market demographics will seriously lessen the potential revenue and customer base.  On page seven of this report, it specifically says: "the seven racinos are in less than ideal locations".  This study notes added "downside risk" if the quality of facilities and their amenities are not at national market standards and how this will decrease revenue potentials at each site.

BOTTOM LINE: With revenue dramatically less than as promised, the dollars will probably not be available to fund the full college tuition plan as promised for ALL Ohio high school graduates.  The report specifically warns that the scholarship programs would be at levels that are "UNSUSTAINABLE in subsequent years" on pages nine and ten.   This report also raised many other questions on other governmental costs, losses of existing Lottery revenues, etc.

State Issue 3 Report