BANGOR – Though the number crunching was still under way on Thursday, a state gambling control official said Hollywood Slots set a revenue record after its first full day in its new $132 million gaming and entertainment complex.

The company on Tuesday opened Hollywood Slots Hotel and Raceway at 500 Main St. amid much fanfare. When the new facility opened at 10 a.m., an estimated 1,100 people – some of them slots fans and some there to rubberneck – were lined up at the doors.

The facility drew an estimated crowd of 9,000 on Tuesday, according to company officials.

Even as Hollywood Slots celebrated its success in Bangor, parent company Penn National Gaming was responding to news that a $5.82 billion acquisition deal with private investors was called off because of declining purchase price, the Pennsylvania-based gaming and racing company announced Thursday.

A year ago, buyers Fortress Investment Group LLC and private equity firm Centerbridge Partners LP agreed to pay $67 a share for Penn National when the deal was announced last June. Since then, stock prices have dropped more than 40 percent, closing Thursday at $29.66 a share.

Analysts attributed the drop to concerns about consumer spending.

Penn National said it was clear the takeover wouldn’t be completed without “significant and lengthy litigation” and also said a renegotiated, reduced purchase price “was not a viable option.”

In a prepared statement, Penn National said it will receive $1.475 billion in cash, including a $225 million termination fee and a $1.25 billion, seven-year, preferred equity investment by affiliates of Fortress, Centerbridge, Wachovia and Deutsche Bank.

Company officials said the failed deal would have no effect on the Bangor operation.

The company’s two top days in its interim Bangor facility in the former Miller’s Restaurant both were posted in February 2006 during the annual high school basketball tournament week, according to Robert Welch, executive director for the Maine Gambling Control Board.

Exact dollar figures weren’t immediately available, but Welch said it appears that Hollywood Slots on Tuesday “roughly doubled” its best day at its interim site.

On Thursday, General Manager Jon Johnson said Thursday that by the time closing time arrived 16 hours later, an estimated 9,000 people had been through.

Business at the new complex, he said, is “going great.” He said the transition to the new facility from Hollywood Slots at Bangor, its interim location at 427 Main St., was “going great – smooth opening, continuing smooth operation.”

Johnson said he expects the new complex will be busy during the long holiday weekend, which kicks off on Friday, the Fourth of July.

On Thursday, Eric Schippers, Penn National’s vice president for public affairs, took steps to put the failed acquisition into perspective for Mainers:

“Now that Penn National Gaming is not being purchased, it means we will remain a publicly traded company and, for all of us, it will be business as usual,” he noted, adding, “We are as optimistic as ever about the future of our company, and our management philosophy and growth strategy will not change.

“While we are extremely disappointed the transaction didn’t close, with this settlement Penn will have one of the healthiest balance sheets in our industry,” he said. “We will enjoy the flexibility to pursue a wide array of strategic opportunities, including potentially acquiring new assets and continuing to focus on organic growth and other exciting development projects in our pipeline – including our just-opened permanent facility in Maine – as well as our expansion project in Indiana and potential new opportunities in Kansas and Atlantic City.

“In addition,” he said, “we could use the proceeds to repay debt or for stock repurchases.”

The acquisition reportedly was bogged down by the state regulatory approval process, and a closing date for the sale had already been pushed back from June 15. Analysts had doubts about the reality of closing the deal, saying banks appeared to be reconsidering funding commitments amid significant write-downs in the financial sector.

Fortress Chairman and Chief Executive Wesley Robert Edens, 46, will join Penn National’s board, which will expand to seven directors.

Penn National said it intends to use the cash infusion to pay down debt, acquire or develop gaming facilities and to buy back its common stock. As of May 31, Penn National had outstanding debt of about $2.97 billion. The company has authorized the repurchase of up to $200 million in common stock over the next two years.

The Associated Press contributed to this report.

dgagnon@bangordailynews.net

990-8189