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B.C. casinos claim revenue down because of new anti-money laundering rules

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B.C.’s new anti-money laundering rules have negatively affected revenues at the River Rock and Parq casinos.

According to financial results released in August, Great Canadian Gaming Corporation saw a fall in B.C. revenues in the first six months of 2018 due in part to declines in money earned at gaming tables at the River Rock Casino in Richmond. The company said that was primarily attributable to a new requirement requiring casinos to complete disclosures on the source of cash deposits or bearer bonds of more than $10,000.

The Parq casino in Vancouver, through its major shareholder Toronto-based Dundee Corp., also cited the new anti-money laundering rules in saying they resulted in regulatory costs and business “impacts” that affected their bottom line in the first six months of 2018.

The rules were implemented in late December 2017 in response to interim recommendations from an independent review by Peter German, a former RCMP deputy commissioner.

Read full article here

Gordon Hoekstra – Vancouver Sun – August 30, 2018.

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