Casino revenues continue to flow to the city.
The Ontario Lottery and Gaming Corporation (OLG) says a fourth-quarter payment of over $350,000 has been made to the City of North Bay for hosting Cascades Casino North Bay.
That brings the total for the fiscal year to $1.5 million.
OLG says 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.
“OLG’s Municipal Contribution Agreement payments are building strong communities where people and families can enjoy a high quality of life,” says Peter Bethlenfalvy, Minister of Finance. “These revenues help support local programs and critical infrastructure, making a real difference for gaming host municipalities.”
“Council agreed during budget deliberations to include $1 million of the revenue from OLG in the financing plan for the new Community and Recreation Centre,” says Gord Young, Communications Officer.
He adds a policy for how the funds will be used moving forward is expected to be developed later this year as part of a Council review of the city’s financial policies.
