Treasure Cove Sees Growth
Monday, August 13, 2012 @ 4:09 AM
Prince George, B.C.- A strong economy in the interior of B.C. is being credited for the increased gaming revenue being recorded by the Treasure Cove Casino in Prince George, and the BC Lottery Corporation over all.
The BCLC annual report indicates the Treasure Cove generated $55,511,000 in revenue for the fiscal year that ended at the end of March 2012. That is about $2 million more than the previous fiscal year.
Here is the breakdown:
Area
|
2010/2011 Revenue
|
2011/2012 revenue
|
Slot machines/electronic gaming
|
501 machines $42,610,000
|
540 machines $44,414,000
|
Table Games
|
8 tables $2,131,000
|
9 tables $1,915,000
|
Bingo
|
633 seats $8,935,000
|
633 seats $9,382,000
|
TOTAL
|
$53,676,000
|
$55,711,000
|
After all expenses and taxes were paid, BCLC saw growth in gambling net revenue from casinos and bingo halls with $828.4 million in revenue over the past fiscal year, up, $12.1 million from the 2010/2011 year end.
The increase in revenue from the Treasure Cove Casino means the City of Prince George will receive a larger cheque as its share for hosting the casino.
The cheque this year was $2,627,000. That’s up from the $2,556,000 received a year ago. While the increase may seem small, Prince George is only one of three casino hosting communities in B.C., which saw an increased payment. All others with casinos, including Quesnel, saw smaller payments coming their way. In fact, the overall payout to casino hosting communities was down this year over last. A year ago, $72,984,000 was paid out to communities with casinos ( this does NOT include communities with Chances Gaming Centres) this year, the total paid out was $71,945,000.
Communities with Gaming Centres ( Chances) saw an increase in their share of the revenue. All but the Squamish Chances saw increased payouts to their host communities.
Comments
PG has 1.6% of the population in BC and yet BCLC raised 6.8% of its revenue here? Meaning they raise 425% more revenue per person in PG than the provincial average (rough calculation)?
Its big news if someone invests $2 million into our community, but nothing if BCLC fleeces it out of the community… and so what about $54 million leaving the disposable income of the PG economy?
Before this casino ever existed the city of PG got nothing from it because… well… it never existed.
So why not look upon this money as a “bonus” and use it each year for road resurfacing and rehabilitation? Or are they already doing that?
SAD
“Before this casino ever existed the city of PG got nothing from it because… well… it never existed”
Oh I’m pretty sure that the City of PG (either directly or indirectly) received a fairly tangible benefit from $50,000,000 being spread throughout the local economy, as opposed to that amount being dumped into one establishment and the majority of it being funnelled directly to Victoria, of which PG received a pittance flowing back in return.
I believe people are fee to do whatever they want with their money. If they didn’t gamble here, there are plenty of opportunities elsewhere, or from the comfort of your own home on your computer.
I agree that people can do with their money as they wish. Heck, they can put it in a barrel in their backyard and burn it if they want, I could care less.
The question I’d like to hear your thoughts on is what has more benefit to the City of PG:
1) $50M being spent at the Casino or
2) $50M (likely a little less since as you say, some of that money would still be spent on gambling in other forms) being spent throughout the city in other ways?
And let’s be perfectly honest, there is no way that the people of PG would spend $50M on gambling if there wasn’t a casino in the city . . .
How much of that revenue was paid out in people actually winning some money? Haven’t heard of anyone winning anything substantial from that place in a very long time. Now add to that lottery ticket sales! So how much does PG actually spend on gambling?
50 000 000 spend in little PG and all in one Place and most likely spend by the once who can least afford it, Gambling can be an Addiction . How many are in financial Trouble ?
So when you walk in the door at the casino, what does this tell you about the odds of winning?
NMG: “And let’s be perfectly honest, there is no way that the people of PG would spend $50M on gambling if there wasn’t a casino in the city . . .”
How do you know that? Maybe people would spend more at home, knowing how convenient it is.
And NoWay bring up another good point, what about lottery tickets? How much is spent on those in this city? If the Casino wasn’t there, how much of the money that goes there now be diverted into lottery ticket sales? In any case, the Casino is there, so debating the point is kind of moot.
One thing is apparent. People have a lot of disposable income. They can dispose of it in any way they see fit.
Prior to casinos the only gaming was hosted by volunteers and service clubs. A large percentage of the money was used by the local community for local sport, the elderly, the youth, making your community a better place. Now the money is used to make a very few people rich and the remainder goes to general revenue where government spends it with no accountability. It would be interesting to know how much money is actually paid out in winnings. It is a revolving door with the government paying it out and getting it all back. We do it to ourselves !
$55 million generated – that doesn’t include the payouts back to the customers. Or does it?
A lot of that could be tourist money as well.
Thanks for not even attempting to answer my question JohnnyBelt, LOL. I assume you realize the rather obvious answer and chose not to respond accordingly . . .
Anyway, it is ridiculous to think that people would spend money on lottery tickets as opposed to gambling. The latter is a form of entertainment, the former really isn’t. It’s not an apples to apples substitute.
In all probability, most of the money spent at the casino would be spent at other venues in the city if the casino were not there. Like you said, much of that money is disposable income and that typically gets spent on restaurants, electronics, home improvements, tickets to movies and hockey games, family vacations, etc. If people choose to spend it at the casino that is their choice, but it is simply illogical to believe that all of that money funnelling into that particular business and making its way to the coffers in Victoria, has the same multiplier effect now as it would if it were spread around the city in other ways. It’s basically a giant vacuum cleaner that sucks money out of PG. Just because it is legal and people choose to spend their money there, does not mean it is to the benefit of the city.
NMG: “Thanks for not even attempting to answer my question JohnnyBelt, LOL.”
You wanted me to guess what PG would be like without a casino and where the money would have gone? Probably most of it to other gambling pursuits, maybe even more considering the proliferation on online gambling. I thought I spelled that out for you, but maybe you didn’t understand the first time.
In any case, it doesn’t matter what you or I think about what people might or might not spend their money on if the casino wasn’t there.
I’m not in a position to tell people what to spend their money on, or to pass judgement on those who choose to go to the casino. I don’t go there myself, but I don’t begrudge those who do.
No need to guess, just use simple logic and reasoning. If you are uncomfortable doing that, then that’s fine. I realize it takes some effort.
I tend to assume that the people of PG are not all that different than people in any other city when it comes to how they spend their disposable incomes. I think this is a reasonable conclusion for a number of reasons. I therefore made an educated guess that with $50M leaving the local economy to the casino, that there is $50M less being spent on those other items than what likely would have been spent on them had the casino not been there. It’s not a stretch in logic by any means.
If you can’t even begin to acknowledge the fact that this amount of money leaving PG on an annual basis does have some negative impacts to the economy of the city, then this discussion really can’t go any further. I could do the same thing with the proposed pipeline. The people don’t want it so it doesn’t matter. Case closed, end of debate. See how that works? LOL.
Again, we can talk all day about what might be if the casino wasn’t here or gambling didn’t exist. But it does and it does. There is clearly a demand for it.
While we’re at it, why don’t we talk about all the money that might be spent elsewhere if it wasn’t for liquor and cigarettes? Or other things you don’t happen to agree with? Completely pointless.
“Again, we can talk all day about what might be if the casino wasn’t here or gambling didn’t exist. But it does and it does”
So what about when questions come up around things like oh increasing the number of liquor seats at the casino, or increasing the number of slot machines? Are we allowed to talk about the impact of the casino then or is it also pointless even though public opinion matters in those instances?
NMG first I think you might not understand what LOL stands for…thats okay you are probably just trying to be hip, but what does it matter to you what people spend their money on. If people want to gamble it away they will, weather there is a casino locally or not. I know that their are poker nights at the pubs and like JB said, online gambling. Addiction is addiction, and with your logic that means we should close down every establishment where people might be addicted to the product. Does this mean we should close down every bar or liquor store? And while we’re at it how about sex shops because people can be addicted to porn, and convenience stores because they sell cigarettes and candy. Get with the times, if people want to blow their money on entertainment they will, no matter if it’s gambling at the Casino, or elsewhere.
Almost 80% of the revenue comes from slots or electronic games. I see why increasing the number of slots makes the most sense.
Quite sure I know what LOL means stretch28 . . .
Much like JohnnyBelt, you have missed my point completely. I have already said I could care less what people spend their money on. I’ve also not even touched upon the topic of gambling addiction, you brought that one into the mix.
My argument is purely one of economics and the impact of the casino on the economy of Prince George, a city that in you case you haven’t noticed, is not exactly bursting at the seams with growth or the future prospects of growth. $50M dollars extracted from the community on an annual basis, with virtually no trickle down or spinoff, does nothing to help the local economy. In fact, it actually harms it.
The comparison of the casino to a bar, liquor store or sex shop makes no sense whatsoever. None of those pull in $50M dollars. Heck, they likely wouldn’t pull in $50M combined for PG. Even if they did, for the most part the money would remain within the City of PG and be used to generate positive spinoff in the local economy. Significant difference between those and the casino IMHO.
I don’t have anything against casinos. People can go to them if they choose, etc. I really don’t care either way. From a purely economic point of view though, I have to wonder why a city the size of PG would support such an enterprise if they were truly taking a holistic view of the economy they were trying to develop and manage within their city. My guess is that they only look at the property taxes and the kickbacks from the Province from the gambling revenues and they don’t factor in the impact of the dollars that aren’t circulated to other economic enterprises within the city. I think it’s a very flawed analysis and it can lead to decisions which are detrimental to the city in the long-term (which obviously go against what municipal government is trying to achieve).
SCORE.
NMG—10
JOHNNYBELT—0
There is no gambling involved here. The majority of the money was generatd by slot machines, which at best could be described as a mindless game.
Why would anyone want to go to a Government controlled gambling establishment, that is rigged to ensure that the Government and the Casino owners win. This is nothing more than a regressive tax implemented by the NDP and kept by the Liberals.
This is a tax. So when you go to the casino and drop a couple of hundred bucks, the Government thanks you.
Senior citizens, people on limited income, and those who receive Government money are some of the major so called gamblers going to the casino. In additon many addicted housewives, and husbands spend a lot of time any money there. To suggest that these people would go somewhere else, or go on line is bogus. A lot of people do not have a computer, and if they did they would hawk it for money to gamble.
There are very few **real** gamblers who go to the casino.
Its much like pretending that if you own a dog sled, you can compete in the iderrod. Not bloody likely.
People can spend their money where ever they like, however spending it at a casino is a mugs game. You cant win.
Oh, Palopu doesn’t agree with me. How will I live with the shame?
Of course casinos are rigged in favour of the house.
“People can spend their money where ever they like, however spending it at a casino is a mugs game. You cant win. “
Thanks for pointing out the painfully obvious.
stretch: “NMG first I think you might not understand what LOL stands for…”
It’s NMG’s way of pretending that he’s somehow superior.
Maybe we should do an analysis of NMG’s and Palopu’s spending… to see where it could better benefit the community. What vices do you guys have?
NMG and Palopu seem to say that people can spend money however they like, as long as it’s not the casino. Maybe they’d like to tell them not to buy booze or cigarettes as well… also big money makers for the government.
And btw, Palopu, I award you 0 points for your last post.
Casino and government gambling takes are going up and the gaming grants for non-profits are going down. I guess that makes perfect sense to our provincial government who run the only show in Canada that charges seniors a medicare premium.
Gambling, bootlegging, etc; used to be the business of gangsters., It was against the law for citizens to participate in these vices. Now that they are run by the Government we are led to beleive that they are **ok**
What a pile of BS. How does it suddenly become OK when the Government runs it???
We used to have bingo’s run by various charitable organizations, and we had poker clubs for people who wanted to sit down and play cards all night. In addition people could go to Vegas, etc; if they wanted to gamble and see a show. Those people who can afford it still go the Reno, or Vegas, or Mexico, or they gamble on line. Its those people who cannot afford to get away, that are being fleeced at the local casino’s
If people do not think they are addicted to gambling, they might want to ask themselves why they go day after day after day.
There was a study done a few years ago, where they used monkeys to push the buttons on slot machines. If they hit the right combination they won a banana. After winning the first couple of banana’s the monkey would sit at the machine all day punching numbers hoping to win another banana. Even after days of not winning he continued to do this. Hmmmmmmmmm.
Sure but how many jobs are coming out of this increase in revenues? I cannot see it helping our GDP.
I hereby reject all of your realities, and substitute with a reality of my own…
This town needs more peeler bars…
Naked Ladies and beer…yum
Nothing we can do or say will stop the pillage and plundering of government and “chosen few”.
“Casino and government gambling takes are going up and the gaming grants for non-profits are going down.” True, that.
Further, hopefully the Major stakeholder(s) of this casino actually invest in worthwhile projects in this community and in operations which effect positive financial and social gains, with all this prosperity – as opposed to just buying politicians for more of same – only my simple and limited observation and opinion.
Also love it that the casino picks up the big city gamblers at the BUS STOP.
Lesson: Just because people will do it (gamble, drink, smoke, over-do prescription drugs, etc) does not make it right, ethical or healthy…and for others to profit and prosper as a result is just plain WRONG.
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