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Vancouver Casino Revenue Lower than Expected

VANCOUVER, British Columbia – As reported by the Vancouver Sun: "Stiff competition among Lower Mainland casinos is projected to cost the city of Vancouver $1.6 million this year.

"An interim financial report going to council today warns that the city will have to keep a close rein on expenditures for the rest of the year, in part because casino revenues are coming in lower than expected.

"The city had expected to get $7 million from the two casinos operating in the city -- the Great Canadian Casino at Holiday Inn and the Edgewater Casino, which recently opened at the Plaza of Nations.

"But the projection for the year is now only $5.4 million, which the city's director of budget services says may be a result of Edgewater having to compete with so many other new casinos in the Lower Mainland.

"…Richmond's share of all the casino revenue in Greater Vancouver increased by 250 per cent in the previous budget year, after its River Rock casino opened, while Vancouver's dropped by 18 per cent…"

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