Residents of Penticton, British Columbia were provided with more details on the $25-million plan for the relocation of Lake City Casino at the local South Okanagan Events Centre. On Tuesday, citizens were given the opportunity to voice their concerns or to express their support for the project.
Parking issues that may arise from the relocation of the gambling venue were among the most widely discussed topics. The casino building will be located between the curling rink and the wine center at the events complex. Its construction is expected to result in more than 100 parking spots being diminished. However, Penticton officials pointed out that the city would build a paved parking lot nearby and that one would have a total of 143 stalls. The solution to the parking issues is expected to cost taxpayers the amount of $600,000.
The relocated casino would not pay property taxes in the first ten years of operation. Yet, it is expected to annually contribute $1.5 million in gaming revenue. In addition, Lake City Casino would annually pay a school board tax and will also lease the building of the venue from the city for the annual amount of $250,000.
Lake City Casino is managed by gambling operator Gateway Casinos. The company is looking to attract the attention of future taxpayers right ahead of a scheduled vote on the relocation proposal in January 2016. Currently, the casino is located within Penticton Lakeside Resort but will have to vacate its present location in 2017, when its lease is set to expire.
Penticton Economic Development Officer Colleen Pennington said that it would be good for Penticton if the casino stays in the city even after its current lease expires. She noted that Lake City Casino has contributed approximately $40 million to the construction of the South Okanagan Events Centre. What is more, the casino annually generates more than $1.5 million in gaming taxes.
Cascades Casino Penticton, as the relocated venue would be called, would occupy a 45,000-square-foot site and will be located right next to the events center. The building of the gaming facility is expected to cost $25 million. Construction work is slated to start in the spring of 2016, provided that it is given the green light by officials. The venue is to be completed in the spring of 2017.
Penticton residents will be given the opportunity to acquaint themselves with more details on the proposed relocation at another open house, scheduled to take place on December 8.
