BC casino revenue falls with new money-laundering rules
Casinos aren’t taken as many chances with their patrons
The gambling industry is questioned sometimes as a resource that’s used frequently to launder funds from illegal proceedings, and British Columbia is now experiencing this in full. This Canadian province established some new regulations to fight money laundering that are now taking a toll on the total revenue generated by the province’s casinos. Making a comparison from the numbers reported in 2018, it was only 0.1% higher than in 2017, and the usual numbers are around 4-5%.
Based on a survey made by Business in Vancouver, they targeted 20 of the biggest casinos in the city to show the average revenue. Since 2014, which reported total revenue for $60 million to $65 million reported in 2018. More in-depth, at those that offered both slot machines and table games, the revenue has risen from 71.3% in 2014 to 79.1% during 2018. But the percentage coming from table games experienced a decrease of 28.7% and 20.3% during the same period. Actually, in the most recent annual report coming from the Columbia Lottery Corporation (BCLC), in a 12 month period that ended on March 31, totals didn’t really experience an increase only the share coming from slot machines, and less percentage coming from the table games.
Since 2018 a new regulation was placed on the province that requires players using gambling funds for over $7,500 to fill some requirement to justify the proceedings of that money. After this regulation was implemented, several reports followed about some vague commitments made to avoid the anti-money laundering protocols, including at the giant River Rock Casino where all the trouble began.