BCLC Publishes Its Report for the Most Recent Fiscal Year
British Columbia’s crown corporation has recently published its latest annual report, revealing its casino table game revenue recorded a drop.
This result coincides with the tightening of the provincial anti-money laundering (AML) policies by the authorities.
Revenue Going Up
According to the available information, the British Columbia Lottery Corporation (BCLC) generated C$2.59 billion in revenue during the twelve-month period ending on March 31, 2019. This means the monopoly’s total revenue increased by 3.5% when compared to the previous fiscal year. At the same time, BCLC’s net income improved by 1% to C$1.41 billion.
The Crown corporation initially reported CS3.27 billion in revenue for fiscal 2017-2018, but these numbers were adjusted in the meantime due to some accounting change. The same has been recently done by the province of Quebec as well.
These adjusted figures reveal that land-based casinos owned by BLCL – but operated by private companies – remained unchanged at C$1.9 billion, with slot machine revenue going up by 2.6% to CS1.4 billion. Additionally, the numbers reveal that table games revenue dropped by 7.8% to C$454 million.
Money Laundering Rules Made a Significant Impact
Casinos in British Columbia were under scrutiny from Canada’s anti-money laundering agency, after numerous reports of VIP gamblers from Asia entering local venues with sacks of $20 bills of suspicious origin. The River Rock Casino Resort in Vancouver was the centre of the money laundering allegations.
Robert Kroeker, Chief Compliance Officer at BCLC unexpectedly resigned earlier this month, without any proper explanation of his decision.
Several news outlets later reported that a whistleblower filed a complaint again Kroeker. According to these allegations, Kroeker instructed his staff to “ease up” on AML measures and “allow dirty money to flow into casinos”.
Before joining British Columbia’s monopoly, Kroeker worked as the Chief Compliance Officer at Great Canadian Gaming Corporation, which manages the casino operations at River Rock. After the allegations were made public, the provincial authorities announced they would investigate the money-laundering scandal. According to available information, this investigation should begin later this year.
Online Also Improved
The recent report has also revealed BCLCs online gaming site PlayNow.com generated C$149.8 million in revenue in fiscal 2018-2019, which is around C$30 or 25% more when compared to revenue the site recorded during the previous fiscal period.
Commenting on the site’s performance, BCLC said PlayNow.com had benefited from stronger player participation at it live casinos offering. Powered by Evolution Gaming, this offering went live late in fiscal 2017-2018. The other factor that had a significant impact on the overall result was the increased availability of video slots on the site’s mobile channels.
In related news, one fortunate punter grabbed a record-breaking jackpot at the Treasure Cove Casino in Prince George on July 13. Marlyne Dumoulin scooped a prize worth C$2.1 million while playing IGT’s Powerbucks progressive jackpot slot, winning the largest jackpot ever paid out by a video slot game in Canada!
Commenting on this remarkable feat, Dumoulin said she had been so blown away by her win and added she had bandages on her fingers from chewing her fingernails.