Port Moody Urges Casino Revenue Sharing Model Review

City of Port Moody is lobbying to review its casinos revenue-sharing model in British Columbia. 온라인카지노사이트 It was voted on February 28, 2023, by the City Council and the Council. Samantha Agtarap’s resolution will be sent to the Local Government Association’s annual meeting in May 2023. If successful, the shared model will bring more revenue to the region.

The city’s new resolution argues that current gaming models unfairly benefit casino-hosted communities, while social costs apply to entire regions. Meanwhile, the cities hosting casinos have collected more than C$1.5 billion from casino revenues since 1999, and now account for 10% of local net income with legal gambling.

Commenting on the new resolution, Mr Agtarab noted that casino revenue is not shared between neighbouring governments, but by seven host communities. She added that since residents of all communities have access to and use amenities throughout the region, from hospitals to casinos, gambling revenue should be shared in an equitable manner.

Metro Vancouver cities such as Coquitlam, Burnaby, Langley, New Westminster, Surrey, Richmond and Vancouver, for example, earned more than C$40 million in FY 2022. They can also enjoy property taxes, employment, and tourism benefits with little downside. The current model is intended to offset the cost of infrastructure and social services, but this has been minimized.

British Columbia Lottery Corporation provides proceeds from games through community and program grants across the state, but they are not guaranteed, and must be applied for and accepted by nonprofits. Port Moody’s resolution states that it appears to be inherently unfair to the community, not the organizers of the gaming facility, which is also the case for the city.

The resolution also claimed that the city is home to Eagle Ridge Hospital, which serves all tri-cities but receives no further revenue. It also mentioned that host communities receive money in a way that is not proportional to the population. Richmond, for example, received 27% of the region’s gaming revenue, which is only 8% of the total population.

The resolution proposes two options for a solution. The first is to collect game revenue from Lower Mainland and distribute it per person. The second, meanwhile, is to follow View Royale’s regional model, which distributes 55% of the region’s gaming revenue to other metro Vancouver communities. Therefore, it brings in about 270,000 Canadian dollars per year for Port Moody.

Casinos in BC are used to provide major economic benefits to the province and its people. One such gaming property is Treasure Cove Casino, which delivered proceeds of C$44 million to the host community, Prince George’s, in the 2021-2022 financial year. It generated C$40.6 million in slot games, while table games and bingo contributed C$1.1 million and C$2.1 million.

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