Oxford Casino paid out $28,600 to the town of Oxford this week as the first revenue-sharing payment to its host community.
The payment represents 2% of net slot machine revenues during the casino's first week of operation. Doing the math, Oxford Casino took in $1.43 million during its first week of operation.
According to the Sun Journal, Oxford Town Manager Michael Chammings told the board of selectmen at Thursday's meeting the casino's first weekly payment to the town was higher than expected. He anticipates future weekly payments will grow when the second half of the building opens this fall and doubles the casino's capacity.
The town stands to receive at least $1.5 million of its $3.21 million budget for 2012 from the casino's weekly payments, the newspaper reported. Under the terms of the referendum approving the casino, 46% of its net slot machine income and 16% of net table game income go to the state through the Gambling Control Board, which then distributes the money to the town, schools, Oxford County, harness racing industry, the Penobscot Nation, the Passamaquoddy Tribe and other designated funds.