The unprecedented situation has had a devastating effect on almost all land-based business enterprises in Canada. That has also been the case for Cascades Casino Chatham, which has also been severely damaged by all lockdown restrictions. Chatham-Kent has recently informed that there has been a major drop in the casino’s revenue numbers for the last two quarters.
The gambling property is owned by Gateway Casinos & Entertainment Limited and has endured a major setback in its development for the last 12 months. The property had to close down at the beginning of the unprecedented situation in March 2020, and since then it had been launched and closed several times. Currently, the gambling entity is non-operational.
Due to the big inactivity status of the casino, its revenue numbers have suffered massively. The Chatham-Kent has reported that the property endured a major drop-off in income statistics, thus resulting in a lower revenue share with the municipality. The share between October 1 and March 31 was just CA$222,852 which is almost a 70% decrease compared to last year’s same timeframe with CA$730,084.
In normal conditions and a full-operating capacity, the casino provides to the municipality around CA$400,000 for every quarter. The casino was opened for 79 days between October 1 and December 31, accumulating CA$156,366 in income shares and another 44 days from January 1 to March 31 generating CA$66,486 for the local economy.
And speaking of Ontario gaming properties. The company was able to reopen casinos in the province back in February. Gateway Casinos Sudbury, Gateway Casinos Sault Ste. Marie, and Gateway Casinos Thunder Bay officially relaunched operations. However, following the latest government-issued stay-at-home-order the properties have been closed down yet again.
Construction Going Well
Gateway Casino & Entertainment has also recently provided more info on one of its future projects, but this time in B.C. The company’s project of the CA$87 million Cascades Casino in the city of Delta is going according to plan. A spokesperson from the corporation has revealed that the construction of the elevated concrete is almost done and workers are preparing to work on the steel elevator structures.
Additionally, further work on the roads surrounding the future gaming hotspot will commence in the coming months. However, the company has not provided a particular timeframe for the full completion of the construction site. The property will offer a 40,000-square-foot gaming floor with over 600 slot machines and 30 gaming tables, along with several food amenities services.
Casino and Diners Status
Ever since the occurrence of the unprecedented situation in March 2020, all of the company’s gambling facilities in B.C. have remained closed to this day. However, the gaming leader was able to relaunch some of its diners in the province. Since indoor eating is now banned, the company can still offer outdoor services in several of its trademark Match Eatery restaurant such as the one in Okanagan.
Source: Morrison, Tom “Casino payments to C-K down almost 70 percent”, Chatham Daily News, April 23, 2021