"A very nice kicker to this whole transaction is a dynamic that has been set up at the government level, whereby any capital expenditure you spend on your casinos is refunded by the government,"
a bank spokesman said. "So there is, specific to this region of the world, a very attractive environment for a casino operator." Casinos that want to upgrade to capture more of gamblers' money usually pay the costs. In B.C., taxpayers take the hit. Australian bank who is partner of Aussie's biggest gambling operator who took over Gateway who is the owner of Lake City Casino. PBL is a media and gambling company controlled by Australia's richest man, James Packer.
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Don Quixote Note: So far there are 3 building permits issued for this building. The 3 B.P's fall far short of the $14 million that is the indicated Capital Costs of this project. Perhaps the capital financing costs such as interest form part of the eligible costs that the Casino is entitled to be reimbursed for from the 3% normal FDC and the new 2% additional AFDC* that the Province gives to help alleviate the financial burden of the Casino Operator. (The cost of the Land is also a factor and perhaps a reimbursable cost?.)
Sweet deal when you can get all your costs reimbursed and you end up with a fully paid building on a nice plot of land in a supposed 'industrial' park !
I'm sure that the financing of the Casino Capital Costs will be fully explained next week by Mr Walker, Public Relations Manager of the BCLC at the Public Input Session re the restriction of slots in the City to 300 ?
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*This extra 2% Accelerated Facility Development Charge which was put into the mix by the BCLC with no consultation or input from the Host Government will cost the Host City of Vernon $57,080 per year as it is a deduction from the gross Casino winnings before the City's 10% of net kicks in.
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