by Ray Poirier | It was supposed to cost about $70 million but the new Hollywood Slots Hotel & Raceway in Bangor, Maine, owned by Penn National Gaming Inc. (PENN) ended up costing more than $132 million before it was finished.
The figure includes charges for a new gambling hall, a 154-room hotel and a 1,500-space parking garage. It replaces a small slots facility that was installed in a restaurant across from the racetrack when state lawmakers approved video lottery terminals at the historic harness track.
Maine’s only slots facility is authorized to have 1,500 slot machines but begins this week with 1,000. Included are 525 new machines and 475 that have been used in the temporary parlor.
The property has developed into a "real locals’ racino," said General Manager Jon Johnson. He said he believes that even in an economic slowdown, Hollywood Slots will thrive.