Reading Time: 1 minute
The Canadian company Ontario Lottery and Gaming Corporation (OLG) has made a fourth-quarter non-tax gaming revenue payment of US$348 million to the City of Sault Ste. Marie for hosting Gateway Casinos – Sault Ste. Marie. The payment corresponds to the first three months of 2018.
Charles Sousa, minister of finance of Ontario, said that OLG offers host municipalities significant revenues every year, which the municipalities invest in local priorities and infrastructure projects. He added further: “These types of investments also stimulate job growth and promote economic development across the province.”
The payments are made under an equitable formula in the Municipality Contribution Agreement that establishes how much municipalities receive for hosting gaming facilities and are based on a graduated scale of gaming revenue that is consistent city-wide. OLG is Ontario government’s largest source of non-tax revenue with approximately US$2 billion annually.
Source: focusgn.com
Source: European Gaming News…
The post OLG makes payment to hosting city appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.
