Maine Casino Tax Revenues Surge In 2013

Maine Casino Tax Revenues Surge In 2013The Maine Gambling Control Board’s latest casino results have confirmed tax revenues collected from the state’s two casinos are significantly higher compared to last year’s tally.
From January to August 31st, the northeastern state has so far collected $35,407,412 in taxes, up by an impressive $10,400,315 compared to the same eight months of 2012.
The money collected by the state is then used to fund different entities, including the Maine Department of Education, Oxford County, the tribal government and the Community College System.
Accounting for most of the increase in tax revenue is the Oxford Casino which has thus far generated $20,005,031 for Maine, compared to the Hollywood Casino in Bangor, at $15,402,379.
The Oxford Casino only opened for business in June 2012, and so only two months of side-to-side comparisons can be made compared to last year. Nevertheless, the figures show that in July 2013, the Oxford Casino provided the state with  $2,918,800 in combined table game and slot machine tax revenue, up 35% over revenues in the same month last year. In addition, for August Maine collected a further $2,923,164 from the Oxford Casino, an increase of 41% over August, 2012.
Alternatively, Hollywood Slots in Bangor first opened in 2005 and from June 2012 to May 2013 generated $58 million in revenues, compared to $65 million by the Oxford Casino for the same period.
In fact, so impressive have the casino’s results been that Kentucky-based Churchill Downs Inc., is expected to buy it for $160 million, with the sale due to be completed by the end of the year. Commenting on the transaction, Clyde Barrow from Northeast Gaming Research Project at University of Massachusetts Dartmouth, commented:
“I think the fact that Churchill Downs has offered to buy the facility is an indicator they view it as a good-performing casino. That’s the national market speaking to the issue, saying we like what’s happened here.”

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