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Maine casino contributed $20 million to local economy1 August 2007MAINE -- As reported by the Bangor Daily News: "Patrons of Hollywood Slots at Bangor contributed more than $20 million to area restaurants, hotels and motels over a 15-month period after the facility opened, according to a recent study by a University of Maine economics professor. "In a report that compares the relationship between net gaming revenues at Hollywood Slots and area restaurant and hotel sales, UM associate professor Todd Gabe stated that from November 2005, when the temporary gaming facility opened, and March 2007, racino patrons spent an estimated $14 million at Bangor-area restaurants and an estimated $6.02 million at local hotels. "The study shows that a $1 increase in monthly net gaming revenues is associated with a 29-cent increase in restaurant sales and a 12-cent increase in lodging. "...He warned, however, that the money may not be new money being introduced into the economy, but more likely is being transferred from one sector or area to another.." |