Penn National Gaming Inc. warned Friday that a proposal forwarded to the Maine Legislature that would slash the racetrack casino operator’s slot revenues could imperil plans for a $30 million project at the Bangor Raceway.

The proposal approved by the Legal and Veterans Affairs Committee this week would cut the racino operator’s slot revenues from 75 percent under the law approved by voters in November to 61 percent.

Penn National said that reducing its take below 63 percent makes it difficult for the company to make the project viable.

Other states have cut deeper into slot machine profits, but Penn National spokesman Eric Schippers contends the economic landscape is different in those states. He said each project must be reviewed on a case-by-case basis.

“We don’t want to give the Legislature ultimatums but we want them to understand the economic realities of what this project will support. They’re looking at the political realities. There are absolute economic realities that have to be taken into consideration,” Schippers said.

The bill, approved 10-3 by the committee Thursday, would create a new state regulatory agency for slots at harness tracks in addition to changing the formula under which slot revenues would be distributed.

The bill also cut the state’s Indian tribes out of the plan for sharing revenues from racinos and left out provisions giving Scarborough Downs more time to find a host community for a racino in southern Maine.

There had been some support for extending the deadline for Scarborough Downs, but supporters didn’t feel they could get it through the Legislature.

Scarborough Downs officials said they might approach the Legislature for another opportunity to win public support in the future. That means Bangor would be home to the state’s only racetrack casino, at least for now.

Under the revised bill, 39 percent of slot revenues would go to state programs, the tracks, the harness racing industry, scholarships, the host community and off-track betting parlors that would be hurt by slot machines.

Schippers said his company’s economic analysis indicates 37 percent is the greatest amount it can offer and maintain the project’s viability.

He’s also concerned because the proposal would mandate a 90 percent payout to people who play slot machines. Penn National would like to see an average payout of 85 percent to 87 percent for the machines.

Schippers acknowledged it was fair for the state to seek a bigger payout than was contained in the original voter-approved bill crafted by lawyers for Las Vegas businessman Shawn Scott. The original bill would have allowed racino operators to keep 75 percent of slot proceeds, one of the largest shares given to slot machine operators in states with racetrack casinos.

But, he said, there are limits to how much Penn National can give up because the Bangor project would not be as lucrative as racinos located closer to population centers such as Washington, D.C., or New York City.

“It can’t be done in a cookie-cutter fashion. You have to look at the specifics of the marketplace,” Schippers said.

Stan Bergstein, executive vice president of the Harness Tracks of America in Tucson, Ariz., which counts more than 30 harness tracks as members, said he had no reason to doubt Penn National’s numbers.

He described Penn National as a competent track operator. “They’ve obviously done their homework. If they think 61 percent is not viable, I’d be the last person in the world to question that,” he said.

Bangor Mayor Dan Tremble said Friday that the city, which already has an agreement with Penn National to create a racino in Bangor, looks to the company to assess what it needs to make the project viable.

“It depends on how much the house wants,” Tremble said. But he added that there are other interested parties who would be willing to live with the committee’s proposed regulations.

Schippers said there is still time to work with lawmakers to change the bill before it goes to Gov. John Baldacci’s desk.

Baldacci has not taken a position on the funding formula and is focused on strong regulations for slot machines, said spokesman Lee Umphrey.

Schippers said a worst-case scenario, in which Penn National deems the final plan to be unworkable, would lead to Bangor Historic Track being put up for bid. He said an agreement prevents Scott from bidding if it came to that.