The City of Brantford has been seeking ways in which it could improve the state of its coffers now that in-person gambling has returned with some conditions. Elements Casino Brantford is allowed to welcome a limited number of casino patrons on its premises and the city council has now worked on a plan for action to bring balance back.
Casino revenue is capable of supporting the casino host community in many ways, one of which is via the gaming revenue allocations. These slice of the gaming revenue are sent to the city coffers on a regular basis, according to the existing agreement between Brantford and Ontario Lottery and Gaming Corporation.
Gaming Revenue
This means that the city coffers benefit from 5.25 percent of the slot machines’ net revenue, as well as four percent of the table gaming net revenue. This support has been improving regional programs, boosting roadwork, as well as various beautification work around Brantford. However, this year has been an unprecedented one, as it saw the casino location close for months.
This impacted both the city coffers and the casino staff members relying on their employment and wages. The annual quarter which came to an end on March 31 witnessed some CA$940,000 in gaming revenue allocated to the City of Brantford. Now the casino has to operate with up to 50 casino patrons on its premises at all times, according to the recommendations of the Crown corporation and even though it is open, it fails to bring the support projected.
This week was an important one for the city council, as it held a meeting on the subject. It aimed to come up with the most comprehensive plan that will compensate for the lack of casino revenue allocation for the time being. It strives to keep the money within the area and reinvest them in the most adequate manner possible. Staying flexible is important for the Brantford community.
Plan for Action
The city counselors gave their nod to the cancelation of casino cash transferring to the Waterfront Master Plan Reserve. It was supposed to take place in 2021 but now it will have to be suspended, in order to protect the Brantford city coffers from running dry. The Public art reserve and the capital funding envelope reserve will also have to operate without the casino money support.
Moreover, the area is projected to see the construction of an animal control facility, which will also have to see funding. Upcoming weeks are expected to see alternative partial funding for this project. City counselors also voted to see the current cash balance in the cultural and built heritage reserve, as well as the disaster mitigation reserve transferred. Mayor Kevin Davis expressed his concerns regarding the 2021 operating budget.
Projections are that insufficient casino gaming revenue allocations will result in a CA$3-million deficit to be felt next year. Elements Casino Brantford will bring around CA$500,000 in 2021, as Mayor Davis confirmed. The disaster mitigation reserve transfer stirred the pot, as Coun. Cheryl Antoski expressed her worries about a potential future disaster. Coun. John Sless reassured that the city would deal with it all if a situation arises.
(No Ratings Yet)
Loading...
Author: Yolina
Yolina has followed closely the latest development on the Canadian gaming scene over the past years, monitoring the land-based, lottery, and online offerings up for grabs. The dynamic nature of the local lottery and casino fields, as well as the opportunities lying ahead of Canada fire her enthusiasm for what is to come. A sports betting enthusiast, in her spare time Yolina could be found in her natural habitat – turning the pages of biographies and catching up on the latest stand-up comedy podcasts.