Pickering adds $4.2 million to its bank account with fourth quarter casino payment
Published April 19, 2023 at 12:41 pm
The City of Pickering is looking at a cheque with plenty of dollar signs today after receiving their fourth quarter payment from the Ontario Lottery and Gaming Corporation of more than $4.2 million.
The Q4 payment of $4,230.279 (January 1 – March 31) is for hosting the Pickering Casino Resort and brings the total the City has received in the past year to $16,641,766 – the first full year since the casino opened in mid-pandemic in July 2021.
Since the casino opened Pickering has received $24,484,059.
“OLG’s Municipal Contribution Agreement payments are building strong communities where people and families can enjoy a high quality of life,” said Peter Bethlenfalvy, Ontario’s Finance Minister and also the Member of Provincial Parliament for Pickering-Uxbridge. “These revenues help support local program and critical infrastructure, making a real difference for gaming host municipalities.”
The 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. One hundred per cent of OLG’s profits are reinvested in the province.
Over the past seven years casino operators 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.
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