Casino Operations in Vernon in 2007 (That is the Sound of $20 million leaving the Economy of Vernon each year ?)

Statistics About 2007 Casino Operation in Vernon:

• $28,540,144 is Total Casino Revenue called the "win"
• $20,232,524 or almost 71% of that "win" leaves Vernon with $15,867,045 of that going to the Provincial Government into General Revenue.
• Of the $8,307,620 or 29% that stays in Vernon most of that is calculated to be for locally purchased supplies and local employment although $856,204 is for the Capital Recovery Costs of the Casino (3% FDF described later and is assumed to be used locally to pay down Casino Debt for local construction of facility ?)
  
• However, $1,763,005 of the money that stays in Vernon goes to the Host Government (City of Vernon) and this is 6.18% of the "win" (10% of theNet)
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• BCLC introduced an Accelerated Facility Department Fund (AFDF) and when Casino's are being rebuilt or Relocated they get to take an extra 2% on top of their original 3% Facilty Development Fund (FDF) of the "win". This is to allow them to more quickly recover their Capital Costs. This little accounting change (never agreed to by the Host City, indeed they were never consulted) will cost the Host City $57,080 each year from their cut until the New Facility is completely paid for. (Even if their is NO increase in the "win")

Full article with the below quotes at: Responsible Gambling.Org
But last month Australia's biggest gambling operator and a bank based there combined to buy Gateway Casinos, which has seven casinos in B.C. An Australian paper reported the bank liked the opportunity because B.C. was one of the only places in the world that offered casino operators a "free ride."

"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.

• The full deal that Edgewater Casino offered in Vancouver on an annual basis can be found at this previous posting: Vancouver Council accepted a public benefit offering from Edgewater Casino that included a donation of $200,000 annually.
• The legal agreement that was consequently signed by the City and Edgewater Casino on November 1, 2004, indicates that the City has sole discretion to administer the funds.
  
• This contribution is above and beyond the casino revenue that the City receives from the Province as part of the host local government gaming revenue agreement.