Mike Howell, Staff writer
The city has collected almost $60 million in casino profits in 11 years and stands to pull in an additional $17 million a year if city council decides to approve a Las Vegas-style resort casino for the neighbourhood around B.C. Place Stadium. Since July 1, 1999, the city collected $59.2 million in casino profits. The profits are used annually to offset costs in the city’s operating budget, including departments such as police, fire services and parks. The Courier requested a breakdown of what exactly the profits were spent on to offset the budget but was told by the city’s communications department it couldn’t provide the information. “It’s not possible to itemize the amounts since they are put towards general revenues,” said Theresa Beer, a city communications worker, in an email to the Courier. In addition to the profits, the city receives $200,000 annually from the Edgewater Casino towards a “social responsibility fund”, which is doled out to non-profits for projects aimed at homelessness, crime prevention and economic revitalization. The city also gets $100,000 a year from Hastings Racecourse for a “legacy fund.” The money has been used to fund non-profits such as Kiwassa Neighbourhood House for projects including community festivals and gardens.
Edgewater and Hastings are the only casinos in Vancouver. Both have slot machines and gaming tables. Under a formula set by the B.C. Lotteries Corporation, the facilities are required to turn over 10 per cent of their profits to the city. Those profits are predicted to substantially increase if city council approves a proposal for what would be the largest casino in Western Canada to be built next to B.C. Place Stadium. The proposal is driven by B.C. Pavilion Corporation, a Crown corporation, which owns the land and would have Las Vegas-based Paragon Gaming Inc. operate the casino. Paragon owns Edgewater. Under the $450 million proposal, Edgewater would relocate from its location at the Plaza of Nations and be attached to B.C. Place Stadium, which is undergoing renovations to build a retractable roof. If approved by council, Edgewater’s move would see its 75 games tables double to 150 and its 520 slots triple to 1,500. The casino would be part of a 68,000-square foot complex that includes two hotels, restaurants, a theatre and cabaret. A staff report that went before city council Jan. 18 said the city receives $7 million annually from Edgewater and that could increase to $17 million from the new casino. Also, Edgewater’s $200,000 annual “social responsibility fund” contribution will increase by $100,000, the report said.
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