I can see a flame war coming up on this topic. Personally I would imagine that the database with proper indexes should perform adequately using a single table for this. I seriously doubt that there is a signifant performance improvement by splitting the data into multiple tables. I would suggest you use a single Entity with a single table and add and index on the location column.
Just my 2 cents worths.
If you actually have done some analysis on this using both models I would be very interested in the statistics.If it's just a hunch I would use one table and spend the money saved in development time on faster drives. :-)
I am thinking of using table partition to split the large table so that i don't have to split tables. Havn't got an environment to test yet.