Gambling has long been called a recession-proof venture, and, after a year of talks, Squamish Nation is ready to play those odds.
The Squamish Nation recently voted on planning a gambling facility, with 86 per cent of their members reportedly favouring it. The centre would be built on the highway south of Squamish with the help of Boardwalk Gaming and Entertainment Company. The centre is expected to provide about 45 jobs and generate $1 million a year.
However, the vote hasn't come without controversy, as an anonymous critic has surfaced in local media claiming the vote was unfair as it includes members from other cities, including Seattle.
There's no end to studies that demonstrate gambling as a sure-fire moneymaker, regardless of the larger economic picture. While Las Vegas is experiencing a lull, it has been criticized for diversifying its product with resort features. Straight-up gambling ventures, meanwhile, are still recording profits. For example, a recent study has shown spread betting to be on the rise in the UK. Meanwhile, the provincial budget showed BC Lotto up $50 million, though it doesn't say if that money was brought in before or after October 2008, when the recession took hold.