Table games

High rollers push B.C.’s gambling profits to new record

B.C. Lottery Corporation take jumps to $1.25 billion with increased $100,000 per hand bet limit in some casinos

Foreign gamblers who bet up to $100,000 in a single hand in some B.C. casinos helped drive the provincial government’s gambling take to a record high last year.

The B.C. Lottery Corporation’s net profit that goes to the province climbed 6.8 per cent to $1.25 billion in 2014-15, up $80 million from the previous year.

The corporation’s annual report says the increase was driven by “exceptional performance” from high-limit table games, which saw the maximum bet raised from $75,000 to $100,000 at some sites.

Casinos such as River Rock in Richmond and the Hard Rock Casino in Coquitlam offer “ultra-private” high-limit VIP poker rooms and baccarat salons that are popular with Asian tourists.

The increase from high-limit gamblers offset weak results in lotteries, which were down because the year served up fewer large jackpots.

While BCLC has gained from high rollers, the report warns their interest could wane.

“The recent slowdown in some national economies and international currency restrictions present business risks,” the report said, without explicitly mentioning China, where the Beijing government has posted lower growth estimates and intervened to prop up a falling stock market.

“There is risk in this revenue stream as it is heavily dependent on a relatively small international player base,” BCLC board chair Bud Smith said in the report. “We know we cannot rely on this business segment for sustainable long-term growth.”

In fact, BCLC considers both lottery and casino revenues to be mature and “facing market saturation.”

An estimated 51 per cent of B.C. adults gambled through BCLC at least monthly last year. That rate has fallen from 69 per cent in 2012 but BCLC is aiming to get it back up to 55 per cent next year.

The average B.C. resident lost $482 a year to BCLC, up from $450 in 2012 and $382 in 2005.

More than $950 million in net BCLC profit came from casinos and slot-equipped community gaming centres, compared to $304 million from lotteries and e-gaming.

River Rock had the highest combined slot and table game revenue of $420 million last year, followed by $204 million at the Grand Villa Casino in Burnaby, $150 million at Vancouver’s Edgewater Casino, $125 million at the Hard Rock Casino Vancouver,  $109 million at Starlight in New Westminster, $106 million at Cascades in Langley, and $53 million at Fraser Downs Racetrack and Casino in Cloverdale, where a rebranding under the name “Elements” is underway.

Overall, $1.04 billion was lost gambling at those Lower Mainland casinos in 2014.

Net profits from BCLC help the province fund health, education and grants to community groups. Host municipalities also get a share of casino profits.

Out of each dollar gambled in B.C., 43 cents goes to provincial and community programs, 23 cents goes to prizes, 23 cents goes to commissions and fees, nine per cent is operating expenses and two per cent is federal tax.

Just Posted

Crashes pile up as snow blankets Surrey

Up to 10 centimetres of snow is in the forecast

How much does your city spend per person on snow removal?

Black Press Media compares 2018 ice and snow removal budgets of various Lower Mainland communities

B.C. BUDGET: Surplus $374 million after bailouts of BC Hydro, ICBC

Growth projected stronger in 2020, Finance Minister Carole James says

Former North Delta pastor, son ‘preyed upon shared spirituality’ to defraud investors of $450K: BCSC

BCSC panel publishes financial sanctions against Alan and Jerry Braun, Steven Maxwell

Plan to redevelop former Surrey motel site too dense, says Coun. Pettigrew

Pettigrew: ‘We need to build liveable community with green spaces… not massive zones that are densified’

VIDEO: 8 things you need to know about the 2019 B.C. budget

Surplus of $247 million with spending on children, affordability and infrastructure

Ex-Langley spiritual leader cleared of stock trading allegations

Investors allegedly lost $740,000 investing through a local religious organization.

‘Bullet missed me by an inch’: Man recounts friend’s killing at Kamloops hotel

Penticton man witnessed Summerland resident Rex Gill’s murder in Kamloops

B.C. BUDGET: Income assistance raise still leaves many below poverty line

$50 per month increase included in funding for poverty and homelessness reduction

B.C. BUDGET: Indigenous communities promised billions from gambling

Extended family caregiver pay up 75 per cent to keep kids with relatives

B.C. BUDGET: New benefit increases family tax credits up to 96 per cent

BC Child Opportunity Benefit part of province’s efforts to reduce child poverty

B.C. BUDGET: Carbon tax boosts low-income credits, electric vehicle subsidies

Homeowners can get up to $14,000 for heating, insulation upgrades

B.C. man survives heart attack thanks to Facebook

A Princeton man suffered a heart attack while at an isolated property with no cell service

Abbotsford man sues Maxime Bernier’s People’s Party over trademark

Satinder Dhillon filed application for trademark same day Maxime Bernier announced the new party

Most Read

l -->