Pickering earns $5 million in first quarter revenue for casino hosting

Pickering | Durham | Community | Latest News |

By

Published August 26, 2022 at 9:00 am

Pickering is $5 million richer after the Ontario Lottery and Gaming Corporation (OLG) issued the City its first quarter (April-June) non-tax gaming revenue payment of $5,042,493 for hosting the Pickering Casino Resort.

Since the site opened in July 2021, Pickering has received $12,884,786, with most of the revenues being re-invested back into the community by funding important capital projects that would otherwise be paid by the taxpayers’ dime.

“We’re ecstatic – (the casino) has been a wonderful addition to the City of Pickering,” enthused outgoing Mayor Dave Ryan. “These monies will go directly to capital infrastructure projects and allows us to do that without going back to the taxpayer.”

OLG made a total of $43.4 million in revenue payments this week to 28 communities that host gaming facilities. These payments 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’s land-based casinos are once again providing an important stream of revenue to gaming host communities through Municipality Contribution Agreements,” said Peter Bethlenfalvy, Ontario’s Minister of Finance and Pickering-Uxbridge MPP.  “Municipalities rely on this funding to maintain essential programs and services, and to help improve the lives of people across Ontario.”

Casino revenue contributes to economic recovery, infrastructure development and job creation in local communities and 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 an estimated $1.8 billion in private sector capital development across the province.  Since 2017, these investments have led to the development and opening of six new casinos, with two more currently under construction. In addition, a number of existing casinos have been enhanced and/or expanded.

Since 1994, host communities have received more than $1.86 billion in non-tax gaming revenue.

insauga's Editorial Standards and Policies advertising