2018 CASINO REVENUE REPORT
A report summarizing the casino revenue payments received by the Town for the first half of 2018.
TOWN OF VIEW ROYAL FINANCE AND ADMINISTRATION REPORT
TO: Committee of the Whole
DATE: September 13, 2018
FROM: Steven Vella, Manager of Accounting
MEETING DATE: September 18, 2018
2018 CASINO REVENUE REPORT
RECOMMENDATION:
THAT the Committee receive the 2018 Casino Revenue Report dated September 13, 2018 for information.
CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:
I concur with the recommendation.
PURPOSE OF REPORT:
To provide Council with information regarding 2018 casino revenue.
INFORMATION:
Each quarter the Town receives a transfer from the Ministry of Attorney General for casino revenue. Under the current agreement, View Royal keeps 45% of this grant, and transfers the balance to Langford and Langford in Trust for further distribution.
The Town’s 45% portion received in in 2018 Quarters 1 and 2 breaks down as follows:
| Amount | Quarter |
|---|---|
| $ 503,492 | Quarter 1 |
| $ 540,876 | Quarter 2 |
| $1,044,368 | Total |
This total represents a 6% increase for the same period in 2017. The doubling of gaming floor capacity plus increased food services, conference and live entertainment spaces generates greater foot traffic, contributing to the increase in 2018. The 2018 budget target for casino revenue is $2,300,000, an increase of 20% over the 2017 budgeted total. Staff will continue to monitor casino revenue and advise of potential implications should the year-end projection be significantly less than budgeted.
RECOMMENDATION: THAT the Committee receive the 2018 Casino Revenue Report dated September 13, 2018 for information.
SUBMITTED BY: S. Vella, Manager of Accounting
REVIEWED BY: D. Christenson, Director of Finance
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