Toronto Bets on a New Casino to Plug Budget Holes
Toronto is looking to fill its multi-billion dollar budget holes using gambling revenue, and this is where the new Great Canadian Casino Resort Toronto comes into play. The city has no other choice, after considerations from the city council on introducing a municipal lottery. However, these attempts were blocked by regulations that prevent municipalities from obtaining lottery licenses.
Formerly, known as Great Canadian Casino Resort Toronto is the largest gaming resort in Canada, and it offers live gaming tables, electronic games, sports betting kiosks, and numerous dining amenities. It also shares a percentage of its revenue with the city with 5.25% on the first CA$65 million of the annual electronic game revenue and more from live tables.
Failing to Meet Initial Estimations
However, according to the city’s operating variance report, for the first six months of 2023, the gaming establishment will generate around CA$28 million by the end of the year, or CA$6.8 million less than the projected CA$35 million. These are based on data from the city’s Chief Financial Officer and Treasurer, Stephen Conforti.
The lower numbers are the result of external economic factors, such as consistent high inflationary pressures and rising interest rates since 2022. Revenue from gambling is also slated to be affected by the recently opened and nearby Pickering Casino Resort and the increasing popularity of iGaming in the province and the country.
Meanwhile, Chuck Keeling, the casino resort’s executive Vice-President of stakeholder engagement and community and social responsibility, said that since the opening of Great Canadian Casino Resort Toronto in June 2023, the operator, Great Canadian Entertainment, has been pleased with the initial response from the market. He added that the new poker room will further boost the property’s operations.
The casino’s new and premium Great Canadian Toronto Poker Room started work in September under limited capacity and offers some exciting features, including a dedicated bar. In addition to that, the company noted that players at Great Canadian Casino Resort Toronto, Great Blue Heron Casino and Hotel and Elements Casino Brantford will combine their ‘Bad Beat’ Jackpots.
Still, Questions are Raised
Brian Dijkema, Vice-President of external affairs at faith-based think tank Cardus also noted that there are some ethical and equity questions to be considered if the city wants to raise revenue by gaming. He described it as a terrible way to make money, in his words, lotteries and gambling rely on the vision of a financial windfall, at a time of financial struggle.
In addition to that, he admitted that a lottery municipal model could be a potentially lucrative way of generating proceeds. However, he remarked that a report must be compiled to consider the possible harms of both gambling addiction and the disproportionate impact of betting spending and its impact on lower-income households.
BY: 카지노