The City will be cashing a cheque for $415,810 as part of the Ontario Lottery and Gaming Commission's (OLG) second quarterly payment for hosting Cascades Casino,
So far, during OLG’s fiscal year (April 1, 2022 to March 31, 2023), North Bay has received $810,535. Since the gaming site opened in March 2022, North Bay has received $921,669 says a news release.
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.
“Revenue from OLG’s Municipality Contribution Agreements supports host communities so they can invest in programs and services that benefit everyone, from neighbourhood parks to local festivals,” said Peter Bethlenfalvy, Minister of Finance.
Payments to host communities are part of OLG’s commitment – 100 per cent of OLG’s profits are reinvested in the province.
Since 1994, host communities have received almost $1.9 billion in non-tax gaming revenue.
