Shorelines Casino Peterborough remains closed for business, as it strives to protect both its casino staff members and the patrons frequenting it. Projections are that the closed casino venue is about to harm the city coffers depriving Peterborough of the regular casino cash flow coming their way. The upcoming weeks of closure are about to increase the deficit with some CA$960,235.
No casino operation means that there is no gambling revenue being generated by the people of Peterborough and subsequently there are no casino revenue allocations sent to the city coffers of the region. Local projects of various nature are not supported by the said allocations and many of them have been put on a pause for the time being, at least until life gets back to its normal pace.
No Gaming Revenue Allocations
Shorelines Casino Peterborough is among the relatively new casino locations in Ontario, as it welcomed its first patrons in the fall months of 2018. People were intrigued to discover everything new up for grabs on the premises of the casino complex. The unprecedented situation around the globe, as well as in Canada led to the closure of all brick-and-mortar casino venues and gambling halls mid-March.
In a recent statement, local officials have issued a projection regarding the money Peterborough could miss over the upcoming weeks. The months between March and June are expected to increase a revenue loss amounting to CA$6.9 million for the city coffers. The estimation comes from the city finance staff that have taken into account many factors contributing to this revenue allocation.
The casino venue is among them, but there is also the free bus rides taking place across the city. The 2020 city budget would be harmed by the deficit and the only thing this could be alleviated is via the cost savings the City of Peterborough is trying to implement.
Parking fees only are expected to bring a loss of CA$759,400, whereas the local arenas are expected to see a loss of CA$746,071 without live events. A couple of weeks ago, Ontario Lottery and Gaming Corporation sent the city its regular gaming revenue allocation for the financial quarter spanning between January 1 and March 31, 2020.
It amounted to CA$620,889 to the City of Peterborough and it was affected by the two-week closure that was in place at that point. Now the closure has extended to nearly ten weeks and expectations are that this would negatively impact the next gaming revenue allocation coming in June. Ever since the official opening of the casino venue, the city has received more than CA$4 million in non-tax gaming revenue.
As for the 2019/2020 fiscal year, it managed to amass some CA$3,105,693 for the city coffers and many local projects and improvements. It could be recalled that the casino venue offered the host community a hefty first allocation cheque mid-March 2019. It amounted to CA$705,606 over the span of three months between October 15, 2018, and December 31, 2018.