City getting another $350K from casino revenues
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The City of North Bay has proposed to use $1M of the casino revenue to pay down imminent arena debt — 'These revenues help support local programs and critical infrastructure, making a real difference for gaming host municipalities' says Ontario's Minister of Finance
While the doors are temporarily closed at Gateway Casinos across the province due to a cyber attack, the Ontario Lottery and Gaming Corporation (OLG) is announcing a fourth quarter (January 1–March 31) payment totalling $350,792 to the City of North Bay for hosting Cascades Casino North Bay.
During OLG’s fiscal year (April 1, 2022 to March 31, 2023), North Bay has received $1,505,022. Since the gaming site opened in March 2022, North Bay has received $1,616,156.
These payments to host communities are based on a formula consistently applied across all gaming sites in Ontario using a graduated scale of gaming revenue at the hosted site.
OLG makes payments to host communities under municipality contribution agreements, using a prescribed formula consistently applied across all sites in Ontario that is based on a graduated scale of gaming revenue at the hosted site or sites. North Bay receives 5.25 per cent of the proceeds of casino gaming on the first $65 million of slot revenue, three per cent on the next $135 million, 2.5 per cent on the next $300 million of slot revenue, and 0.5 per cent on slot revenue above $500 million, as well as four per cent of table game revenue.
“OLG’s Municipal Contribution Agreement payments are building strong communities where people and families can enjoy a high quality of life,” said Peter Bethlenfalvy, Minister of Finance. “These revenues help support local programs and critical infrastructure, making a real difference for gaming host municipalities.”
OLG says it is proud to share proceeds of casino gaming with local communities, contributing to economic recovery, infrastructure development and job creation. Payments to host communities are part of OLG’s commitment to Ontario — 100 per cent of OLG’s profits are reinvested in the province.
Over the past seven years, service providers have invested approximately $2 billion in private sector capital investment across the province. Since 2017, these investments have led to the development and opening of seven new casinos, one planned development and additional gaming expansions and non-gaming amenities. Since 1994, host communities have received nearly $2 billion in non-tax gaming revenue.
OLG is classified as an Operational Enterprise Agency of the Province of Ontario and is intended to provide gaming entertainment in an efficient and socially responsible manner that maximizes economic benefits for the people of Ontario, related economic sectors and host communities.
