Casino operation usually comes with the added benefits of financial allocations on a regular basis that serve as compensation for the gambling activity taking place. The Peterborough community is projected to bag its first cheque generated through the Shorelines Casino operation over the past several months and this sum is projected to boost the development of various projects.
Peterborough is eagerly anticipating its first gaming revenue allocation from the brand new casino venues which launched operation in October. Estimations show that the revenue-sharing agreement could result in a CA$4 million for the city coffers that would be later used for various projects around the community. This would be the first payment done by the casino venue ever since it welcomed its first casino patrons on October 15, 2018.
Casino Revenue Boosts Community
Next Monday is the day eagerly anticipated by city officials, as Great Canadian Gaming Corporation has confirmed that it will present the anticipated cheque at the City Hall. On a special meeting, local officials will receive the amount and see the exact amount of money they will further use for Peterborough projects. During an earlier conversation on the topic officials established that a Casino Gaming Reserve should be introduced.
Following a vote in January it was decided that the reserve should equate to some CA$4 million since there are several important tasks at hand for the area. Across the following months ahead of January 2020, the community has to see the results of investment across Peterborough. A larger portion of the overall allocation is going to be dedicated the boost the overall amount needed for the extension and reconstruction of Crawford Drive.
The City Hall has already poured in CA$5 million and it is going receive a loan of CA$2.8 million. Casino operation is expected to provide the final CA$1.7 million. The reconstruction and extension is needed because a second hotel tower and casino venue would be constructed in the foreseeable future. Another CA$1 million is going to be dedicated to the Community Improvement Plan.
Casino Operator Sees Earnings Surge
Locals willing to introduce beautification work to their properties, as well as upgrades to the downtown area of Peterborough, receive help via this plan that has proven to give results in the long run. Culture will also benefit from the casino operation in Peterborough, as Canadian Canoe Museum is planning on introducing a new museum adjacent to the local Lift Lock. The overall cost of this ambitious project reaches CA$65 million.
The financial support coming from City Coffers would be generated by Shorelines Casino and this year would see a payment reaching CA$500,000. When all is said and done, over the next eight years the museum is going to witness CA$4 million in allocations generated via gambling operation. During this time, construction work is going to be in progress. Other projects that would benefit are the Peterborough Humane Society, brand new sports field on Lansdowne Street West, and more.
The casino venue operation was able to improve the overall performance of its casino operator as it became evident recently. Great Canadian Gaming Corporation saw a 126-percent surge in its Q4 earnings for 2018 reaching CA$342 million. The full-year performance saw a 99-percent jump in comparison to 2017, equating to CA$1,221-million.