The state’s newest casino generated more than $65 million in net revenues in its 1st year of operation, topping its original projections too as the revenues of the state’s more-established casino.
Oxford Casino had about $53 million in revenues – the quantity lost by gamblers – from slot machines in between June 2012 and May perhaps, and $12 million extra from table games which include blackjack and roulette, as outlined by Maine Gambling Manage Board records.
For the identical 12-month period, Hollywood Slots in Bangor had about $58 million in revenues: $50 million from slots and $8 million from table games. Hollywood Slots was Maine’s initially casino when it opened in 2005.
Oxford Casino really should think about its initial year a results, stated Clyde Barrow, manager for the Northeast Gaming Analysis Project at University of Massachusetts Dartmouth. Slot machine revenues had been in line with what Barrow projected just before voters authorized the casino in 2010, whilst table game surpassed expectations, he stated.
The monetary image apparently is sturdy sufficient to draw the interest of Kentucky-based Churchill Downs Inc., that is acquiring the casino for $160 million in cash. The sale is expected to become completed by the end on the year.
“I feel the truth that Churchill Downs has provided to get the facility is an indicator they view it as a good-performing casino,” he stated. “That’s the national market speaking for the situation, saying we like what is happened right here.”
The casino’s common manager, Jack Sours, declined to comment.
Oxford Casino opened on June 5, 2012, in the western Maine town of Oxford, an hour north of Portland. It now has 816 slot machines and 22 table games.
Through March, Oxford was earning a everyday average of $197 per slot machine and $1,835 per table game, in accordance with the most recent statistics from Spectrum Gaming Group of Linwood, N.J. The original first-year projections named for $203 each day from every single slot machine and $1,232 from each and every table game, Barrow mentioned.
By comparison, Hollywood Slots was producing $157 per slot each day for the 12 months via March, and $1,361 per table game, based on Spectrum Gaming.
Dennis Bailey, a longtime casino critic, stated he’s a bit shocked that Oxford Casino had greater revenues than Hollywood Slots, since the Bangor casino has been about for years and has an established consumer base. That is an indication that Oxford features a bigger population base to draw from in southern Maine, even though most likely taking some buyers away from Hollywood Slots, about one hundred miles away, he mentioned.
But individuals shouldn’t be also impressed with all the first-year numbers, he stated, because what they show is just how much funds persons – predominantly from Maine – lost to gambling. Casinos never add to the economy or for the neighborhood, he mentioned, they merely redistribute dollars.
“That’s lots of revenue coming out of Maine people’s pockets,” he stated. “Had that casino not been there, where would it have gone? That is the major question.”