Treasure Cove Casino Contributes CA$44M to Local Economy
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Now, that casinos are up and running in British Columbia with no health restrictions, they are able to properly contribute revenue to the local coffers. That is the case of Treasure Cove Casino, which according to the British Columbia Lottery Corporation, has contributed almost CA$44 million in financial 2021-2022 for its host community – Prince George.
The unprecedented situation had a major impact on B.C. casinos and their ability to contribute funds to the local economy and charitable organizations. This is due to the fact that they closed down in March 2020, and remained sidelined for 15 and a half months. Treasure Cove Casino officially recommenced work on July 1, 2021, which was two months into the 2021-2022 fiscal year.
Breaking Down the Numbers
Last week, the British Columbia Lottery Corporation released its official fiscal report for the financial year of 2021-2022. The report confirmed that in that time Treasure Cove Casino managed to generate CA$43.9 million in revenue. The amount is CA$7 million less than the property’s usual tally. But this is due to the fact that it was not operational for the whole FY.
According to the report, for the financial year of 2021-2022, through which the casino had to operate for several months under health and safety restrictions it collected CA$40.6 million from its slot games. Meanwhile, live table games which suffered most of the provincial protocols generated approximately CA$1.1 million and bingo offerings amassing CA$2.1 million.
In comparison for the 2019-2020 fiscal year, the Prince George casino property delivered over CA$50.9 million in revenue, which was just CA$101,000 more than the previous year. However, it should be noted that the 2019-20 year was cut short due to the March 2020 lockdowns. Fast-tracking to 2021-22, the casino received over CA$13.8 million in total commissions.
The agreement with the BCLC states that casinos receive 25% of the net proceeds from slots, 77.5% from poker and craps, 62.5% from low-limit blackjack, 40% on high-end table games, and 42.5% from all other table games. Then it gets 90% of bingo wins after paid prizes on the first 10,000 per week and 45% of bingo sales after paid prizes which are larger than CA$10k per week.
Expanding Liquor License
Back in April, the management of Treasure Cove Casino said it is looking to expand its liquor offerings. The property has applied for a new license to the B.C. Liquor and Cannabis Regulation Branch to allow liquor service across its bingo area and its second floor, thus increasing its liquor services occupancy from 2,016 to 3,004 patrons.
Home of Many Millionaires
Over the years, many patrons of the casino have won some hefty prizes. For instance, back in 2019, Prince George local Brittany Hammell claimed a jackpot worth CA$1,060,703.14 by playing the Wheel of Fortune Hawaiian Getaway. She won the amazing prize on August 20, 2019. Just prior to that in July 2019 Andy and Marlyne Dumoulin won grand Powerbucks jackpot reaching CA$2.1 million.
