After a year and a half struggle over the tax value of the Hollywood Casino property, the venue and the city of Bangor have come to an agreement. Both have decided that the value assessed for the casino should be considered less due partially to the Oxford Casino bringing increased competition and have come to an agreement on the amount.
Since Oxford Casino opened its doors, the Hollywood Casino slot games have seen a 15% decrease. This is based on recent figures by the Gambling Control Board of Maine. A press release was sent out in regards to the agreement between the city and the casino, via Phil Drew, the City Tax Assessor.
In the release, it stated that both sides were able to agree that the property value for April 1st of last year will now be $82.5 million and then drop down more for the assessment of April 1st 2016 and 2017 to $80 million. Originally, the casino was listed at $97.5 million.
Hollywood Casino was asking for a lower value, with the venue believing the property is considered over-valued when at an amount over $60 million. In an appeal, the casino had asked for a much lower amount.
Hollywood Casino spokesman Dan Cashman stated that the casino believes the agreement is fair and are happy with the outcome of the dispute. According to Cashman, both sides are ready to move forward in regards to expanded gambling in the state of Maine after working out their differences.
Both sides were able to acknowledge that an increase in gaming revenue has had an impact on the industry and there is a possibility that another casino will be added to the southern portion of the state, which would impact Hollywood as well.
Cashman stated that he thinks there is ‘pretty hard proof’ that an impact exists and the state should not only be looked at in regards to the impact but also outside the state. New casinos have been added to Massachusetts and the possibility exists for other casinos to be added in other states.