Brantford has been able to benefit from casino allocations over the past nearly two decades, but now it is time for some changes. The local finance department recently made it clear that lower casino allocations are projected and this calls for an adjustment in the budget for the foreseeable future. Elements Casino Brantford has been witnessing a drop in its casino patrons and the amount of cash they are able to spend there.
As a result, optimization would be needed. Every commercial casino venue has the opportunity to support the local community in many ways. This includes the creation of new job positions for locals and people of neighboring communities, offering them steady income and rights protection. Gaming venues are also able to attract tourists to a given area, as they often offer a well-balanced experience featuring both gaming and family-friendly offerings.
Ontario Gaming Expansion Results in Revenue Slump
Elements Casino Brantford is one of the locations overseen by Great Canadian Gaming Corporation that welcome a crowd of casino enthusiasts. Ever since the beginning of this year, however, the local community has noticed a downward progression of gaming revenue allocations to the city coffers. The decreasing regular payments would eventually affect the budget.
Q4 2018 and Q1 2019 combined amount managed to reach some CA$2.63 million, which marked a drop when compared to the same six-month period the previous fiscal year. Back then, Elements Casino Brantford was able to generate some CA$2.86 million for the city coffers. Such a drop was caused by the ongoing gaming expansion across Ontario’s gaming field.
Flamboro Downs and Woodbine Racetrack have both introduced new and improved gaming offerings and their updated portfolio has attracted quite the crowd. Table games are able to make a location much more vibrant thanks to the premium card games they facilitate. City Treasurer Catherine Brubacher pointed out that this is the reason for this gaming revenue drop experienced over the past nearly a year.
Tribal Dispute See Annual Allocations
Projections issued recently point that the overall annual payment powered by casino operation could amount to CA$5 million instead of the CA$5.6 million estimations issued earlier this year. Fiscal year 2017-2018 managed to witness overall revenue allocations of CA$6 million. Brantford’s budget would have to be adjusted accordingly, as to maintain a healthy spending situation.
The end of 2017 saw the government of Six Nations ink an agreement with Elements Brantford Casino and the province of Ontario, covering the upcoming 20 years of operation. The said arrangement mandates annual payments reaching CA$4.5 million, eventually reaching a total figure of CA$100 million. Ontario also paid CA$12.5 million as onetime payment to the Six Nations. The casino complex is located on tribal land, which results in the tribal community support.
The first payment to the Native American tribe was allocated at the beginning of this year. It fueled waterlines, as well as guaranteeing many locals the home they need. In addition to that, health needs and education needs were also funded with the allocation that came amid a controversy. Six Nations was not content with the privatization that took place, as there has been a land claim filed for the casino land.
(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.