Hollywood Slots Earns $5.6 Million During its 1st Week of Opening
The 9,000 people who have visited the Hollywood Slots Hotel and Race on the July 1st, 2008 opening in Bangor, Maine racked up an overall total bet of $5.6 million, according to the report passed by Scott Woods, the auditor for the Maine Gambling Control Board at the board's meeting since Hollywood Slots transferred to its new permanent facility. But that figure is deceptive because it factors in winnings that are placed back in the machines and because by existing state law, at least eighty nine percent of overall handle must be returned as jackpots to the players.
The Hollywood Slots currently gives back 93% of its earnings to players. The last day of operations at the temporary establishment of the Hollywood Slots, which only offered five hundred slot machines was on Sunday, June 29th, 2008. After an overnight relocation on Main Street, the new facility opened for a private charity event on June 30th, 2008 before officially opening for business on July 1st, 2008.
On its initial day of operation on their brand new $132 million permanent facility, which features one thousand slot machines and a parking area and hotel, the net gaming of the organization reached around $422,674. Robert Welch, the gambling board's executive director commented that he has also asked Hollywood Slots General Manager regarding his predictions on the earnings of the facility.
Johnson said that despite a bigger number of slot machines, it can only earn around fifty percent and higher. The organization's total bets for July 4th, 2008 and July 5th, 2008 were both $3 million. Scott Woods commented that the total bet for the rest of the days after the grand opening is on the range of $1 million to $2 million.
Eric Schippers, the spokesperson for the parent company of Hollywood Slots, Penn National Gaming said that Hollywood Slots pay combination of taxes from fifty-one cents of every $1 of their net profit.