Some serious contraction might be on the horizon for the local casino industry.
It seems the industry is facing a cash flow crisis. The situation is so dire that the Parq may be verging on bankruptcy less than two years after opening, unable to service the the debt incurred on the C$1billion project.
The NDP government's crackdown on money laundering in the casinos is having a major effect; the real disaster for the casinos (and for the local loan shark industry) are the new regulations requiring that punters disclose detailed information about the funds for deposits of $10,000 or more in a 24hr period. (This is the rule Drake ran afoul of when he tried to buy in $50k to play craps. Saying "But I am Drake," is not enough to meet the regulations.)
These regulations are preventing overseas players from borrowing money locally to play with and then repaying it in China, Singapore, wherever, thus obtaining funds to gamble here while avoiding currency restrictions, taxes, etc.
Revenues industry-wide in BC are down almost 20%.
https://www.bloomberg.com/news/artic...oney-crackdown
Last edited by 2pairsof2s; 05-06-2019 at 03:21 PM.