Churchill Downs Incorporated, owner of Oxford Casino in Oxford Maine, has had a lot to crow about! How about last year’s stats:
- Generated record net revenue of $1,212.3 million, 49% higher than the prior year
- Drove net cash flows from operating activities of $264.5 million, up 87% over prior year
“We delivered record net revenue, and net cash flows from operations for the year,” says Bill Carstanjen, CDI’s Chief Executive Officer. “These results are a reflection of the strength of the Company’s operations and our disciplined approach to capital allocation and operational efficiency over time. As we look forward to 2016, we will continue to position our company for long-term sustainable growth.”
So, since the York County casino was dismissed, a much better (in our opinion) alternative has been announced.
Looking forward is just what Churchill Downs and Oxford Casino in Maine are looking forward to.
Churchill Downs Incorporated announced plans for the construction of a new attached $25 million hotel at the Oxford Casino property. The capital project includes expansion of the existing Oxford Casino facility and will feature over 100 new guestrooms including standard rooms and suites, additional dining options, an expansion of the gaming floor and new flexible meeting and banquet space.
“Churchill Downs Incorporated is thrilled to expand our presence in Maine,” said Bill Mudd, President and Chief Operating Officer of Churchill Downs Incorporated. “The new hotel will be a great addition to the Oxford Casino property and is a sign of our commitment to provide a first class facility in southern Maine.”
Construction of the hotel and banquet space represents the second time CDI has invested in and expanded the Oxford, Maine facility since purchasing the property in July 2013. The facility currently employs over 400 people and is the largest employer in the town of Oxford. This latest expansion of the property will create 60 new full time positions as well as an estimated 1,000 temporary construction jobs.
The new hotel will connect to the town’s newly installed municipal sewer system providing a significant source of revenue for the sewer project. Construction of the expansion is expected to begin as early as June 2016 and be complete by summer 2017.