Maine Casino Outperforms Expectations In First Two Months
Oxford Casino was expected to give the state of Maine a boost in revenue when it opened on June 5th. Through the first two months of operation, the casino has outperformed expectations, and now is being considered the latest in a string of popular new casinos opened in the Northeast.
Maine was one of the Northeastern states that came into the casino gambling industry later than their neighbors, but the state has made up ground quickly. After opening a casino in Bangor, lawmakers approved a second facility in Oxford, and the early returns suggest the Oxford facility could become tops in the state within a few years.
In the summer months of June and July, Oxford casino had revenue of $9.8 million. After taxes, the casino netted over $5 million, while the state received $4.1 million in tax revenue. The tax percentage that casinos pay in Maine is among the highest in the country, but that has not derailed gaming officials from seeing the prospects of a profitable business model.
"We're off to a very good start," said Oxford Spokesman Scott Smith.
The biggest surprise for the new casino has come on the table games, where expectations have been far exceeded. Oxford has plans for an additional 10 tables in the future, almost doubling the current offering of 12 tables. In the first two months, Oxford has averaged $2,471 a day at their tables.
"We had originally projected them to start out at about $1,300 per table per day and gradually ratchet up to $1,700," said Clyde Barrow of the Northeast gaming Research Project at the University of Massachusetts-Dartmouth. "Those numbers are comparable to Atlantic City."
New Jersey is no longer the gold standard when it comes to casino gambling, as Pennsylvania casinos passed Atlantic City in gaming revenue late last year. Maryland, New York, Massachusetts, and Delaware also have new casinos on the horizon in the coming years.
August 30, 2012
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com