Richmond casino revenue $1 million behind compared to 2023

Richmond’s casino gaming revenue might not meet its mark this year. 

Gaming revenue for Q3 was just over $3 million, representing a decrease of 4.6 per cent compared to last year (about $3.2 million), according to a Richmond city staff report that’s going to council. 

The report shows revenue so far this year is just over $9 million, 10 per cent less than last year this time when revenues had exceeded $10 million.

The 2024 budget projected gaming revenue at $12.5 million. However, so far revenue is only at 72.4 per cent of what it was forecast to be.

The City of Richmond receives 10 per cent of the net gaming revenue of River Rock Casino operations.

Net gaming revenue is calculated as wins from casino games minus fees payable by BC Lottery Corporation (BCLC) to the service provider and their administrative and operating costs. 

As a consequence, gaming revenue projections in the 2025 operating budget were reduced to $11.5 million, which will significantly affect the allocation of the revenue to some sectors. 

The main affected area will be the capital reserve, which will now receive $1.02 million in 2025, compared to the forecast $1.8 million in 2024. 

Grant funding will also be affected, dropping by $250,000 to $2.9 million. Debt servicing will remain at $6.4 million but the council community initiatives account will be reduced slightly.

However, policing costs of four RCMP officers, paid for by gaming revenue, will actually increase by $65,000 to $979,000 in 2025 despite the budget reduction. 

Net revenue depends on the River Rock Casino, with amounts varying due to consumer behaviours, changes in regulations and competition, said the report.

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