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gaming proceeds are continuing to drop. Between July and September, the City received $127,000 less in gaming proceeds from Cascades Casino than it did during the same period last year, but still managed to exceed its $6 million budget for 2010 by $600,000.

In 2006, casino proceeds to the City topped $7.4 million, but have steadily declined during each subsequent year.

At the last meeting of council, director of corporate services Darrin Leite said that for the period of July to September 2010, the City’s share of casino proceeds was $1.53 million — roughly $51,000 more than was budgeted, but more than $100,000 below the same period of 2009. That is a reduction of just over eight per cent, and the lowest quarterly revenues since 2006, said Leite. But gaming is down across the board, with many casinos also seeing a reduction of around 10 per cent. The province’s foray into online gaming is being cited as one reason for the decline. The City divides the money it receives from Cascades Casino between a casino proceeds reserve — which is used to fund capital projects — as well as using it for community grants.

These include funding for the Langley Seniors Resources Centre, the Grade 5 swimming program, and ice usage fees — and council’s enterprise fund, which has been used to pay for such items as tablet computers.

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Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEyUxnYgNodLyUhz38y9weplq_xNA&url=http://www.bclocalnews.com/surrey_area/aldergrovestar/news/110236624.html

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