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Treasure Cove revenue rises, but commission drops

Treasure Cove Casino can thank bingo players for seeing a slight increase in revenue during the 2015-16 fiscal year, according to a B.C. Lottery Corp. report released this week. The casino took in $55.
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Treasure Cove Casino can thank bingo players for seeing a slight increase in revenue during the 2015-16 fiscal year, according to a B.C. Lottery Corp. report released this week.

The casino took in $55.02 million in revenue, a $68,000 increase from 2014-15.

Revenue from bingo stood at $9.29 million, a $127,000 hike, which was offset by declines in other areas. Slot machines were good for $44.32 million, a $48,000 decrease, and table games brought in $2.4 million, an $11,000 decline.

The rise in revenue failed to translate into an increase in operating commission for Treasure Cove's ownership, which took in $13.32 million, down $6,000 from the year before. Tables and slots accounted for $11.96 million of that total, down $21,000 while bingo made up $1.36 million, a $15,000 increase.

According to the report, service providers receive 25 per cent of net win from slots, 40 per cent of net win from tables, 75 per cent of poker rake, 75 per cent of craps and 60 per cent of low limit blackjack (defined as tables with minimum bets of $5 and a maximum bet limit of $50 per hand).

As for bingo, they get 60 per cent of sales on the first $20,000 per week, 40 per cent sales on the next $60,000 per week, and 25 per cent on sales greater than $80,000 per week, all after the prizes have been paid out.

Treasure Cove remained the top earner in the province on the bingo front. The second-highest among 28 bingo halls in B.C. was Planet Bingo in Vancouver at $7.75 million, followed by Chances Kelowna at $7.32 million.

Total revenue from all bingo halls was $315.6 million, up $6.8 million from the year before.

The top earner on the casino side was River Rock in Richmond, which took in $365.5 million, a $54.5-million decline from 2014-15. Second highest was Grand Villa in Burnaby at $198.8 million, a $5 million drop.

Treasure Cove was ninth highest earner among B.C.'s 17 casinos.

Total revenue from all casinos was $1.49 billion, up $7 million from the year before.

Treasure Cove's overall total remains significantly down from the $77.3 million spent on gambling in the city in 2007-08.

By 2009-10, the figure had plummeted to $50.6 million, due to the recession and the ill-fated Chances Good Time Prince George, now the Commonwealth Health Centre.