A lot of money has been raised through the city of Richmond's cut of the River Rock Casino and Resort's games, and now the time has come to decide how to spend it.
One of the main reasons why governments can get behind gambling and casino operations is that they get a cut of the revenue which can be used to shore up the budget. The city of Richmond is no exception, and they get 10 percent of the net revenues from River Rock Casino and Resort along these same lines.
A lot of people are interested to know where this money goes and what it's spent on. If you look at the Richmond Olympic Oval, the upcoming Minoru pool and seniors center, then you can quickly find your answer. About one-third of the money made from River Rock since it opened in 2004 has went towards the Olympic Oval, and another 26 percent has went towards projects like the Cambie and Steveston fire halls. Moreover, another $5 million per year is already dedicated for the Minoru pool and the seniors complex.
Some people have raised suspicions over what the funds have been used for. This is why transparency is extremely important to the British Columbia Lottery Corporation, and they make it very clear where this money is spent. If you break things down on a dollar-by-dollar basis, then 41 percent of it goes to provincial and community programs like education, health care and local government programs. A total of 24 percent is paid back out in the form of prizes, and 22 percent is given as commission to retailers, service providers and other places where players can enjoy the games. Only nine percent is used for operating expenses, and the final four percent is spent on federal taxes.
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