Maine Casino Revenues Decline While Sports Betting Gains
January 9, 2025 Marija D
In December, Maine’s casinos reported combined revenues of $12.4 million, a 3.8% decline compared to November and a 4.7% decrease from the same month in 2023. This data, presented by the Maine Gambling Control Unit, highlights challenges within the state’s casino sector as monthly and annual comparisons reflect an overall downturn in performance.
Two primary contributors to the state’s gaming revenue, Oxford Casino and Hollywood Casino, showcased contrasting dynamics in their earnings from slot machines and table games, with performance varying both month-to-month and year-over-year.
Oxford Casino’s Slot Revenue Drives Decline
Oxford Casino, the largest revenue-generating gaming venue in Maine, reported $6.45 million in earnings from slot machines and an additional $1.1 million from table games in December. While the table game segment saw a modest increase in revenues compared to November, the casino experienced a significant drop in slot revenue.
Compared to December 2023, Oxford’s slot machine earnings plummeted by more than $500,000, making up over 83% of the overall statewide decline in year-over-year gaming revenue. This sharp drop underscores the significant role that slot machines play in the casino’s earnings and their disproportionate impact on statewide totals when underperformance occurs.
Hollywood Casino, another key player in Maine’s gambling industry, generated $4 million in slot machine revenue during December. This marked a decline from both the previous month and the same period in 2023, contributing to the state’s overall downward trend.
Conversely, Hollywood Casino’s table game revenue performed more positively, earning more than $765,000 in December, reflecting an increase compared to December 2023. However, even this year-over-year growth in table game revenue was overshadowed by a steep 21.8% month-over-month decline from November figures, revealing a mixed overall performance for the Bangor-based venue.
Sports Betting Booms Despite Casino Setbacks
While casino revenues experienced notable challenges, other gambling sectors in Maine continued to expand. The Maine Gambling Control Unit reported that sports betting generated an impressive $6 million in its first full year of operations.
The popularity of sports betting in Maine contrasts sharply with the stagnant performance of traditional casino offerings. This emerging form of gambling has quickly gained traction among residents, illustrating a shift in preferences toward more dynamic and accessible betting options. With continued growth likely, sports betting is positioned as a promising area of expansion for the state’s gambling market.
The mixed results for casinos highlight the shifting landscape of Maine’s gambling industry. Traditional gaming venues are struggling to maintain consistent performance, especially in slot revenues, while newer formats such as sports betting show clear potential.
Despite these challenges, casinos remain a critical component of Maine’s gambling sector, even as their performance fluctuates. By focusing on innovations and diversifying offerings to align with evolving consumer preferences, the state’s casinos could better compete with emerging market trends.
Source:
”Maine casino revenues drop to $12.4 million in December”, cdcgaming.com, January 07, 2025.
