Oxford Casino Sold for $160 Million, Paid Entirely With Dollar Bills That Smell Like Old Spice, Well Drinks, and Desperation

Oxford Casino

Oxford CasinoChurchill Downs Inc. announced that it will buy Oxford Casino in Oxford for about $160 million, to be paid in cash. The Maine Gaming Control Board needs to approve the transaction — which is on track to close at the end of 2013. The casino opened in June 2012 — two years after Maine voters approved it in a statewide referendum. It employs more than 400 employees. It has a 25,000-square-foot gaming floor with 790 slot machines and 22 table games. The casino also hosts a 140-seat casual restaurant – Oxford Grill. In December, the casino reported  $30 million in net revenues from slot machines and table games. Bob Bahre, a founder of Black Bear Realty, said in a news statement released by Churchill Downs that his primary reason for getting involved in the project was to bring jobs to the region. “We are extremely proud of the property and, more importantly, of the incredible team that works at Oxford Casino. Although we developed the property, operating casinos is not our core business, and we thought that the time was right to look for a major gaming company that could take this property to the next level.  (read more at the Lewiston Sun Journal)