British Columbia Lottery Corporation oversees the gaming operation across the province and provides essential updates and trends observed at its gaming venues and beyond. The recently issued annual report highlighting gaming performance over the past 12 months brought to the field’s attention the fact that there has been a significant slump in gaming table revenue at local casino locations, which has been associated with the ongoing money-laundering crackdown.
Annual financial reports are a detailed review of the past twelve months of operation that could provide useful insights into the general direction of the field and things in need of improvement. The 2018-2019 annual report issued last week aimed to shed light on the shortfalls and strong sides of the local gaming field. This insight is essential right now, as the province is fighting to minimize money-laundering practices across the gaming field, but also in the housing market.
Gaming Table Revenue Drops
The lottery corporation announced that the total annual revenue of the province has managed to reach CA$2.9 billion during the fiscal year that ended March 31, 2019. This means that the past 12 months of operation have seen a jump in the revenue amounting to 3.5 percent. This comparison with the previous fiscal year is vital for future projections and for guiding operation in the right direction.
Major casino resorts and their revenue performance are also part of the annual report. River Rock Casino Resort managed to amass some CA$323,657 in total revenue combining slot machines and gaming tables. Grand Villa Casino was another successful casino location with its total revenue of CA$243,198. Parq Vancouver is going to through a rough patch ever since the money-laundering crackdown launched and its total revenue for this fiscal year reached CA$185,398.
As for the net income of the lottery corporation, it witnessed a 1-percent surge ultimately reaching CA$1.41 billion. When the focus shifts onto a more specific gaming performance, the money-laundering crackdown shines bright. Gaming table revenue across British Columbia casinos dropped 7.8 percent.
Criminal Code Amendment Seeks Improvement
This means that table games managed to generate solely CA$454 million, which is already way lower than the slots machine revenue over the past 12 months. The devices generated some CA$1.4 billion, essentially marking a 2.6-percent surge in their year-on-year performance. Such a drop could be attributed to the strict anti-money laundering measures that aim to minimize the risk of illegal practices across the field.
It could be recalled that several money laundering reports, one of which devised by former RCMP deputy commissioner Peter German highlighted all shortfalls in money laundering protection and revealed staggering details. Another report revealed the national economy witnessed an estimated CA$46.7 billion being laundered via various sectors and projects. British Columbia managed to single-handedly launder about CA$7.4 billion of the overall amount.
This prompted a public inquiry that has been anticipated both by British Columbians and industry experts. Vice-President of Corporate Compliance Robert Kroeker recently made his exit from British Columbia Lottery Corporation ahead of the inquiry that would take place this fall. In addition to that, the Criminal Code amendment made illegal for an individual to perform money exchange on behalf of another person or organization while being aware that it could be dirty money.
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