Casino

BC Casinos’ Revenue Growth Halts on New Money laundering Rules

The most sought after casino of British Columbia witnessed a plunge in growth and revenue graph since last year after updates in money-laundering rules in the Canadian province.

According to a British Columbian survey by Business in Vancouver of 20 largest casinos imply that each venue has an average revenue risen from C$79.7m in 2014 to C$85.6m in the year 2018.

Yet the total of 2018 was just 0.1% more than the recorded rise by casinos in 2017. Whereas, an annual 4.4% rise was measured in the year 2014. Among the casinos that provided both table games and slot machines in the year 2018, the revenue share of the slots grew from 2014’s 71.3% to last year’s 79.1% whereas the shares of table games have plummeted a 7.8% decline in the same time period.

This comes straight from the latest annual report published by the BClC, the British Columbia Lottery Corporation, according to which revenues from the land-based casino that are held by the province and governed by private firms were steady at C$1.9b for the past twelve months till March 31st this year. Slots rose by 2.6% and the table games plunged by 7.8% as compared to last year.

From January 2018, the casino industry of British Columbia has seen difficulty in finding sources that were extremely important for trades that went above C$10k. The update came after a plethora of reports that depicted hollow commitments to the money laundering rules at certain casinos in Vancouver-area. This also included River Rock Casino Resort, which is managed by the Great Canadian Gaming.

Burnaby’s Grand Villa Casino stood second when ranked in order of their gaming revenues and Parq Vancouver which is the city’s only casino at downtown core stood third. 4th and 5th came Cascades Casino Langley & Hard Rock Casino Vancouver, in that order.

Local laws prohibit the gaming floor of parq to 600 slots & 75 tables, yet a study by BIV exhibits that the gaming places are hitting quite over their weight. Also, revenue from Slots & eTable might take a downturn throughout the province after BCLC declared its budgeting and PlayPlanner time tool for users of the program, Encore Rewards.

PlayPlanner doesn’t just let players fix a time as well as spending threshold beforehand, it even sends notifications on the screen when the players reach their set limits. Such tools had been there since 2014 on the online portal of BCLC’s casino, PlayNow.com.

Edna Boykin

Edna Boykin started her career as a financial news writer. And, she was withal active in stock trading. From the commencement of her vocation, she is passionate about online poker games. As she likes to play poker and roulette, she knows the casino industry exhaustively. She recently joined Times of Casino as a news writer. She regularly contributes in-depth breaking stories and news updates of the casino industry.

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