Editor: Cascades Casino has closed its theatre to live music to put in bingo.
According to a Times article re: Langley City’s proposed budget, Mayor Schaffer says that the City receives 10 per cent of the casino facility’s net profits.
The 2018 preliminary budget is showing a casino contribution of $6.8 million. Extrapolating that $6.8 million means that the casino will have a net profit of $68 million for the year, or an average daily net profit of $186,301.37. Those are seriously big numbers.
Your article further states that since 2005 the City has received $80 million as its 10 per cent share of net profits, thus the casino has net profited $720 million ($800 million – $80 million).
They are supported by the Langleys to this hugely profitable extent and then they decide to remove the theatre from the community.
The casino has been allowed two expansions since it opened. Langley has not extracted any concessions or extra benefits from the operators outside of the 10 per cent deal.
In another recent Times story it was reported that a 2014 study showed that a new 600-seat performing arts centre in Langley would cost $30 million to $37 million in 2014 dollars.
I suggest the City of Langley politicians and staff should be leaning hard on Cascades Casino to persuade them to use half of their $68 million net profit of this one year to almost fully fund a legacy performing arts facility for Langley. We could name the new performing arts centre Bingo.