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Saskatchewan Gaming Posts Record Profits

The Saskatchewan Indian Gaming Authority (SIGA) has posted record profits for the last fiscal year but a closer look is required before we get too carried away. This year SIGA made $29.4 million on revenues of $87.3 million. The increase was largely because of better management and an increase in the number of slot machines.

"However, the province takes 37.5 per cent right off the top of the net revenues. It's part of the gaming agreement but the First Nations do all the work, take the risk and are the target for those opposed to casinos. If the Mob were to skim $11,025,000.00 out of a casino, it would be considered extortion, but the province can do it legally because it's in the agreement.

"Another 37.5 per cent of the net revenue is sent to the First Nations Trust Fund and the remaining 25 per cent is committed to community development corporations.

"…Overall, the province is the big winner when it comes to gaming. According to the province's Web site, last fiscal year the 3,760 video lottery terminals (VLTs) brought in $178 million to the provincial budget. In addition, the two provincial-owned casinos at Regina and Moose Jaw brought in a net revenue of $32 million. The split at the provincial casinos is not the same as the SIGA casinos. The province takes 50 per cent, the First Nations Trust Fund gets 25 per cent and 25 per cent goes to the community initiatives fund. The VLTs and provincial casinos combined brought in $194 million for the provincial budget. Any future gaming agreement must have parity.

"…SIGA stands out as the gambling institution in this province but in reality it is small potatoes. The $29.4 million that SIGA earns is chump change compared to the province's $178 million take from VLT's..."

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