BCLC antes up less casino cash, leading to revised revenue expectations

LANGLEY – Casino revenue for Langley City are down $215,000 this year.

 

The city’s take is $16,000 higher than budgeted for the third quarter of 2014 but the amounts for the rest of the year are off.

 

The previous two quarters (January to March and April to June) were down, so the net drop for the year so far is about $215,000.

 

The city budgeted $5.75 million for 2014, and is on course to make about $5.5 million this year.

 

"We will be building the 2015 based on that funding source," city corporate services director Darrin Leite told city council on Nov. 3. The lower revenues through Cascades Casino are part of a downward trend as the province allows more gaming. The city received $6.73 million in 2009, $6.565 million in 2010, $5.94 in 2011, $5.92 in 2012, $5.78 in 2013 and $5.53 in 2014.

 

Another factor in the reduced revenue, the city discovered, was generous severance for BC Lottery Corp. management. It meant a $170,000 reduction in the first quarter.

 

The city sought an explanation from BCLC and was told it was due to a restructuring initiative.

 

Payouts to communities were down by about $25 million earlier this year.

 

Coun. Dave Hall wants to get a better sense of what’s going on in gaming.

 

"Do we anticipate bringing the casino people in [before the next budget]?" he asked. "We’re really dependent on their successes or relapses."

 

Staff will ask for a meeting.

 

Heather Colpitts, Langley Advance

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