{"id":3904,"date":"2018-08-31T16:35:32","date_gmt":"2018-08-31T16:35:32","guid":{"rendered":"https:\/\/www.top10casinowebsites.net\/news\/?p=3904"},"modified":"2018-08-31T16:36:42","modified_gmt":"2018-08-31T16:36:42","slug":"british-columbia-casinos-revenues-suffer-due-to-anti-money-laundering-laws","status":"publish","type":"post","link":"https:\/\/www.top10casinowebsites.net\/news\/british-columbia-casinos-revenues-suffer-due-to-anti-money-laundering-laws\/","title":{"rendered":"B.C Casinos Claim Revenues Dip Due To Anti-Money Laundering Laws"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.top10casinowebsites.net\/news\/wp-content\/uploads\/2018\/08\/british-columbia-canada.jpg\" alt=\"British Columbia, Canada\" width=\"300\" class=\"alignright size-full wp-image-3905\" \/>Casino operators in <a href=\"https:\/\/www.hellobc.com\">British Columbia<\/a> have claimed that the new anti-money laundering laws that were recently introduced in Canadian province have had a negative impact on gaming revenues. The two casinos that claimed a dip in revenue were the <strong>River Rock<\/strong> and <strong>Parq casinos<\/strong> which are located in the Lower Mainland.<\/p>\n<p>In August, <a href=\"https:\/\/gcgaming.com\/wp-content\/uploads\/GCGC-Q2-2018-MDA-FINAL.pdf\">financial results that were released showed that Great Canadian Gaming Corporation<\/a> suffered declines in revenue over the first half of 2018. They partially attributed the decline to a drop in earnings from casino tables at the River Rock Casino in Richmond. According to Great Canadian Gaming Corporation, the decline is due to the <strong>new rule that forces casinos to disclose sources of cash deposits or bearer bonds that exceed $10,000<\/strong>. Great Canadian\u2019s revenue fell by five percent which equates to $6.6 million in the same period.<\/p>\n<p>The Parq casino\u2019s main shareholder, <strong>Dundee Corp<\/strong>., also blamed the new anti-money laundering laws for a decline in their revenue in the first half of 2018. The new rules came into effect in December 2017 at the recommendations that arose from an <a href=\"https:\/\/news.gov.bc.ca\/files\/German_Gaming_Final_Report.pdf\">independent review<\/a> that was conducted by former RCMP deputy commissioner, <strong>Peter German<\/strong>.<\/p>\n<p><strong>The BIV Interview<\/strong><\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/BdfYU56QOn0?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<h2>Why Was There A Review?<\/h2>\n<p>The B.C. government ordered the review due to concerns of high-rolling Chinese VIPs buying chips with huge wads of money that could possibly have been \u201c<em>proceeds of crime<\/em>\u201d. A confidential report that the B.C. Lotteries Corp. had commissioned outlined those concerns. It was found that the <strong>River Rock Casino accepted $13.5 million in $20 bills in July 2015<\/strong>. German concluded in his final report that casinos in the Lower Mainland had turned into \u201c<em>laundromats<\/em>\u201d for organized crime. The laundered money came from illegal enterprises such as drug trafficking and shady real estate deals. <\/p>\n<h2>Government Stands Firm<\/h2>\n<p>B.C.\u2019s Attorney General, <strong>David Eby,<\/strong> offers no apologies for putting the new anti-money laundering rules in place. He said that suspicious transactions at casinos throughout the province was down to $200,000 as of March which is a very significant drop from July 2015 when it is <strong>estimated that $20 million worth of suspicious transactions<\/strong> took place.<\/p>\n<p>He went on to say that the government was aware that implementing the strict measures would cause some revenue reductions. Eby also said that the government is urging <a href=\"https:\/\/www.top10casinowebsites.net\/canada\">Canadian casinos<\/a> to focus more on lower-stakes gaming tables and move away from the high-roller tables which are impacted more by the new rules.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Casino operators in British Columbia have claimed that the new anti-money laundering laws that were recently introduced in Canadian province have had a negative impact on gaming revenues. The two casinos that claimed a dip in revenue were the River Rock and Parq casinos which are located in the Lower Mainland. In August, financial results [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,11],"tags":[],"class_list":["post-3904","post","type-post","status-publish","format-standard","hentry","category-industry","category-legislation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>B.C Casinos Claim Revenues Dip Due To Anti-Money Laundering Laws<\/title>\n<meta name=\"description\" content=\"Casino operators in British Columbia have claimed that the new anti-money laundering laws have had a negative impact on gaming revenues.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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