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 B.C. Pavillion Corp has announced that renovations at BC Place will continue at full speed without budget cuts no matter what happens to a proposed casino and entertainment complex that was supposed to help pay for the project. While many believe that the new casino would be the main financial source for BC Place renovations which replacing the old inflatable roof with a new retractable one, as well as refurbishing much of the building but company CEO Warren Buckley told the press the $6 million a year that Paragon gaming has offered to pay for land lease was intended to cover only about $75 million of the $563 million renovation costs.
"We'll be fine. We are fully committed on all the materials so there would be no scaling back," said Buckley.
It turns out the majority of the stadium's renovations cost will actually come from general tax dollars. $277 million of the total costs will be covered by a straight capital grant from the province and another $40 million also comes from the province as compensation for maintenance that had been deferred many years on the stadium.
Buckley stated that the new casino project was only going to help pay for the $150-million construction loan from the province and that the other half of the loan payments, as well as the remaining $100-million needed, would come from various past and future sources of money such as money left over from the convention-centre expansion, money from the sale of Bridge Studios, and additional revenue generated from the enhanced stadium.
Buckley admits the company is still worried about what might replace the casino if the council turns the project down but he said that the PavCo is doing well financially and they will have time to look for alternatives.
"If nothing went forward on that site today, we're still generating $2.5-million just from parking revenues. We're not in a position where we have to rush into anything.
The larger financial problem will likely fall upon the province which was hoping to double or triple the tax revenue generated from the current Edgewater casino. The project is still a source of much controversy. Public hearings have attracted record attendance at city hall every night the issue has been up for debate.
As always, stay tuned to Casinofan for more news and updates.
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