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Hollywood Slot Machines Performing as Expected

According to the general manager for Penn National, the $21 million that Hollywood Slots has brought in as slot machine revenue is exactly where they thought they would be. The casino, located in Bangor, Maine, legalized slot machines at the property about 14 months ago. That $21 million reflects the amount of slot machine revenue it has brought in from the time it opened up until the end of December.

The casino currently runs almost 500 slot machines, and when their permanent structure is completed next year, they will have 1,500 slot machines. According to the gambling board, $624.2 million has already been wagered at the casino’s slot machines, and $582.8 million has been paid out. That makes the slot machines’ payout rate about 93.3%. That makes the slot machine payout higher than the state’s requirement of 89% that must go back to their players.

The government gets a one percent tax on the slot machine wager, as well as a 39% tax on the slot machines’ net revenue. This comes out to almost $42 million over the past 14 months. If you break it down, it comes out to almost 51 cents on the dollar for every dollar wagered in their slot machines.

The state’s racing industry gets $7 million of that, the General Fund gets $6.2 million, and the drug program, education, etc. all split about $1.6 million. The city is using some of its share of the slot machine revenue to pay off bringing the racino here, and much of the rest of it will go toward replacing the city’s auditorium and civic center.

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