The city of Coquitlam's windfall from Hard Rock Casino Vancouver is back on track after the gaming venue posted a successful first quarter in its second year of operation.
This week, the municipality received $1.8 million as part of its 10% cut of net proceeds as host to the casino a $300,000 jump from the $1.5 million it earned for the same quarter last year.
Previously, as Boulevard Casino, the site generated $1.9 million for the city between Jan. 1 and March 31, 2011; in the same quarter for 2012, it brought in $2 million for Coquitlam; while that quarter in 2013 resulted in a $1.8 million payment to Coquitlam.
The casino's parent company, Great Canadian Casinos (GCC), rebranded the United Boulevard property in December 2013 as Hard Rock Casino Vancouver with the aim of drawing a younger clientele.
Last week, GCC announced its Q1 results for Hard Rock Casino Vancouver had jumped by 41%, to $4.1 million. In total, the public company took in revenues of $108 million up 4% from the 2014 Q1, with net earnings of $16.1 million.
Rod Baker, GCGC's president and chief executive officer, said in a news release the property opened a new high-limit table area and created a more high-limit slot area in February, and "we expect both of these additions will improve Hard Rock Casino Vancouver's premium gaming experience."
Hard Rock is the largest gaming venue in the province by gaming space, with 1,000 slot machines, 70 game tables and a poker room inside 80,000 sq. ft.
Since the casino opened in 2001, Coquitlam has received more than $100 million as host city. City council hands out hundreds of thousands of dollars to charities and community groups each year from the 12.5% it sets aside for Spirit grants. The rest goes toward capital projects, which in the past have included the Poirier Sports and Leisure Complex, the Percy Perry Stadium renovation, the new City Centre library branch and the Burke Mountain fire hall, which opened this year.
@jwarrenTC
