Pickering earns $4.1 million in Q2 casino hosting fees
Published October 18, 2023 at 12:24 pm
The Ontario Lottery and Gaming Corporation has been writing a lot of cheques this week, with one of the bigger payouts going to the City of Pickering for hosting rights for the Pickering Casino Resort.
The second quarter (July 1 – September 30) payment totalled more than $4.1 million, boosting hosting cash-outs to the City since the casino opened just over three years ago to nearly $35 million.
Pickering has already welcomed more than $10.2 million in cash during OLG’s fiscal year, which began April 1. 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.
With a deal struck this year to share some of that revenue with the Region of Durham, affordable housing in Durham could be the winner here as well.
The deal with the Region, retroactive to January 1, will see Pickering retain the first $10 million in revenues from OLG and then split the balance evenly with Durham Region, with a cap of $6 million per year.
Durham Region has promised to use some that money to build much-needed affordable housing.
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“OLG continues to be a proud partner in hosting gaming communities,” said Peter Bethlenfalvy, Ontario’s Finance Minister and the MPP for the Pickering-Uxbridge Riding. “Municipality Contribution Agreement payments help these municipalities fund priorities such as community infrastructure, parks and recreation and local health care facilities, benefiting families and local residents.”
Proceeds of casino gaming shared with local communities contribute to economic recovery, infrastructure development and job creation, OLG said in a statement. “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 eight years, casino service providers have invested more than $2 billion in private sector capital 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 more than $2 billion in non-tax gaming revenue.
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