Skip to content

City's casino revenues slip

The City of Richmond didn’t exactly roll snake eyes in 2015, but its share of casino revenues took a slight hit following a record year of payouts from the Province of B.C. in 2014. In 2015, Richmond received $19.
Casino

The City of Richmond didn’t exactly roll snake eyes in 2015, but its share of casino revenues took a slight hit following a record year of payouts from the Province of B.C. in 2014.

In 2015, Richmond received $19.5 million from its 10 per cent share of net gambling revenue from the River Rock Casino and Resort. This represents about a seven per cent decline from 2014, when the city took home $21 million. 

A preliminary financial report to Richmond city council’s finance committee last month revealed the totals. The report noted that the decline is likely a result of the BC Lottery Corporation introducing additional conditions for certain VIP players, including a requirement to demonstrate the source of funds to purchase chips. Over the last 12 months, River Rock’s overall revenues were negatively affected by those additional requirements, said the report, to the tune of approximately $20 million. 

The city presently budgets to receive $18 million annually from the casino, with excess money going into a community facility replacement fund.

The large volumes of casino cash the city receives prompted a new revenue allocation model beginning this year. Roughly one third of all revenue will go to general capital reserves and during the next 10 years, the city will take $5 million annually to pay off a loan used to build the new Minoru Complex. 

 

Casino money
Gaming revenue for the City of Richmond, 2003-2015