Bangor City Council Opens Talks on Slots Revenue Spending
The City Council of Bangor, Maine, launched talks this week on the use of funds from the city's forthcoming slots parlor. Penn National Gaming Inc.'s temporary “Hollywood Slots” facility is under just two months away from opening its doors, and Bangor council members thought it wise to brainstorm options for allocating the additional slots revenue. However, talks on a draft policy have yet to bear fruit, and the next stage of discussions will pick up again in two weeks. The interim slots facility has place for 475 slot machines, but the permanent Penn National slots parlor, which could open as early as 2010, will house as many as 1,500.
City Manager Ed Barrett offered his slots revenue earning predictions, however prefaced his statement by saying that figures were rough estimates only. According to his statement, Barret sees the city taking in between $500,000 and $520,000 during the current fiscal year, which started July 1. In the years to come, however, Barret sees revenue increasing dramatically for the temporary slots casino, more than doubling to $1.3 million, with slow and steady growth predicted up through 2010, when the permanent slots facility is hoped to open. The permanent slots parlor, on the other hand, is expected to earn the city an impressive $3.4 million a year.
