BCLC Posts Record Annual Net-Income Numbers For 2022-23 Fiscal Year

The general consensus is that the success of BCLC’s amazing year lies in sweeping, holistic improvements across the board.

As the sole provider for the conduct and operation of commercial gaming in British Columbia over the previous 40 years, the organisation was facing a requirement to diversify and evolve, like any major national business.

Experts are citing several reasons for the bank-breaking results - the chief one being the establishment of a brand-new casino. Cascades Casino Delta opened in September 2022 and employs approximately 500 residents.

A grand gaming room brimming with more than 500 slots, around 18 table games - including classics such as blackjack, roulette, and baccarat - and even an industry-leading virtual gaming arena are some of the standout features at Cascades Casino Delta, which has proved immeasurably popular in the region and attracting players from around the world.

Its success is measured by accounting for 61% of the year’s net income - that’s more than three times the amount of the organisation’s previous fiscal record.

The lottery product was also responsible for 21% of the total income, representing a big rise on previous years. Its success is credited to the development of a new game Lotto 6/49 along with general game enhancements and consistent high rollouts of Lotto Max jackpots.

Scarcely believe your eyes and want to see for yourself? Board members of the BCLC are required to disclose all compensations to the CEO and the next four highest-paid executives.

The general public is able to see the above information, plus commission payments to various stakeholders in the industry, including casinos, gaming centres, and bingo service providers.

To locate the full breakdown of the figures, players can visit the Public Sector Employers Council Secretariat website.

You can also view the attestation letter for executive compensation from Greg Moore, the Chair of the Board of Directors at the BCLC.

There were also further steps to improve player safety in the region while adding extra layers of security against Money Laundering.

From June 2023, the organisation asked operators to insist on a requirement of photographic identification upon sign-up. The casino’s security staff will cross-check any ID presented with a database of players restricted - whether self-imposed or otherwise - from playing at a venue.

The reason for the rollout was to raise awareness on the importance of responsible gambling and it had the desired effect. Debates around the social impact of harmful gambling have been prevalent in Canadian politics at a local and national level. Any personal information is not saved by the institution, according to the BCLC.

It is also another measure to protect against infiltration from criminal gangs and money-laundering rackets, which use land-based casinos to wash illegally obtained money.

It remains to be seen - the size of the profits announced by the BCLC will be tough to beat.

However, given the incredible popularity of gambling as a past-time, the softening of online gambling regulation in some Canadian provinces, and a general recognition of the importance of gambling revenues to local and national politics, there is no reason why the BCLC could not break its record.