Richmond is on pace for yet another record year of shares in casino revenue. The city took home $5.25 million in the first quarter of 2015, compared to $4.48 million in the same period last year.
In 2014 the city received a record $21 million.
The growth is attributed to gains in slot revenue and a reduction in casino expenses, according to the city’s first quarter financial report.
The city has budgeted spending $18 million of 2015 casino revenues, which account for close to five per cent of all municipal revenue.
Next year, a new spending algorithm approved by council this year will allocate about 70 per cent more money to social grants while maintaining the policy of mostly funding infrastructure from the revenue stream.
Coun. Chak Au has stated he wants more money for local, social programs.
The city receives 10 per cent of net gaming revenues from the River Rock Casino and Resort, minus certain costs such as BC Lottery Corporation overhead and support, and casino operating expenses.
Over the next 10 years, casino money will be used to pay off a $50 million loan for the new Minoru recreation complex.
