Peterborough Losing Out On Casino Income
The value of municipal casino allocations is often grossly underestimated. And now that casinos all over Ontario, and certainly all over the country, have been forced to closed down indefinitely in an attempt to protect not only their employees and players, but also Canada’s national and provincial health systems, local communities are beginning to feel the financial pinch.
No income necessarily means no more cash allocations extended to host communities, causing major financial dilemmas across provincial borders. The community of Peterborough alone, stands to lose some $960,235 in municipal cash allocations over the course of the upcoming weeks. Since Shorelines Casino Peterborough remains indefinitely closed for business, city coffers are about to experience an even bigger knock.
Various community projects rely heavily on regular municipal allocations made by Shorelines Casino Peterborough. The casino may be fairly new, and certainly one of the newest in all of Ontario, but the local community has already become dependent on the cash injections made possible by the success of the gaming and entertainment venue.
Millions Lost Due To Closure
Local city officials have now put to paper the actual projections showing the amount of revenue practically lost since casinos closed up shot halfway through March this year. Since closures are expected to last well into June, and perhaps even beyond, losses in revenue aid have been pegged at a whopping CA$6.9 million. This amount is based on the actual calculations performed by city municipality staff.
Non-taxable gaming revenue extended to the city by Shorelines Casino Peterborough has since the venue’s opening, amounted to well in excess of CA$4 million. This is an enormous sum of money considering the overall income and expenditure schedule run by the city in general. Since stay-at-home orders were issued mid-March, the city has been at the mercy of numerous losses, including parking fees losses amounting to some CA$759,400 and loss of revenue to the tune of at least CA$746,000 resulting from the cancellation of all major events supposed to have been hosted by local city arenas for the remainder of the current year.
No Current Relief
Municipal allocations supposed to have been generated by Shorelines Casino Peterborough would certainly have offered very welcome relief to the thousands of Peterborough residents either completely out of work because of skyrocketing unemployment statistics or having to make ends meet on significantly reduced incomes necessitated by unavoidable salary cuts.
What was supposed to have been a worse-case scenario of 2 months no-trade is now going on 10 weeks with still no end to the crisis in sight.