Canadian Stars Group Acquires Sky Betting & Gaming for $4.7 Billion [...]
Decline in Slot Machine Revenue in Maine Casinos
- March 23, 2015 By Samantha A. -
For two consecutive years, Maine casinos have suffered great loss in slot revenue. By the end of 2013, the gambling industry revealed they were scrabbling for purchase after a $100 million dollar loss, this past year, they lost approximately half of that. It appears that gambling on slot machines is not as popular as it once was, leaving the casinos to lose out on much needed income.
The two casinos in question are Hollywood Casino in Bangor and the Oxford Casino, each lost a significant amount of revenue in 2014. Combined, they lost $35 million dollars that should have been brought in via slot play. It seems the allure of slot machines is not what it used to be, and the shine is quickly fading away. Patrick Fleming is the Director of the Maine Gambling Control Board, he had a few wise words to add to help shed light on the situation “The first year or so (Oxford Casino) was open, they had a pretty significant impact on Bangor and Bangor has kind of leveled out, and I think we’re just establishing where we’re going to be going forward.” What could this hold for the future of Maine’s casino industry? Only time will tell, but Patrick Fleming also believes that slot machines just aren’t as appealing as they used to be, simply stating- “I think the novelty is kind of wearing off.”
While both casinos are losing significantly in the area of slot machine profits, the table play revenue has increased drastically. Both Oxford Casino and Hollywood Casino experienced a $1 million dollar increase in table money. Perhaps people are more attracted to the lively action of the tables, as opposed to the sing song music of slot machines? Though slot machine revenue is declining, the casinos are still searching to hire more employees to cover the rest of the floor.
Whether or not the decrease of slot machine revenue will have a major impact on these Maine casinos is a question that will be answered in the years to come. As for now, however, the market seems to be doing okay. Table play seems to have increased a great deal, making way for new job openings and balancing out the negative slot machine effects.