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OLG-horseracing agreement stays alive

Thursday, January 24, 2013   by: SooToday.com Staff

NEWS RELEASE

ONTARIO LOTTERY
AND GAMING CORP.

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OLG reaches agreements in principle for leases at eight Ontario gaming sites

TORONTO - The Ontario Lottery and Gaming Corporation (OLG) is pleased to announce that it has reached lease agreements in principle for its slots operations with eight of its site holders.

This includes:

  • Woodbine Racetrack;
  • Mohawk Racetrack;
  • Rideau Carleton Raceway;
  • Hanover Raceway;
  • Woodstock Raceway;
  • Dresden Raceway;
  • Sudbury Downs; and
  • Clinton Raceway.

OLG has provided the siteholders with a Letter of Intent, which sets out the general intentions and business arrangements, subject to approvals, between the site and OLG.

On December 21, 2012, OLG announced agreements in principle with Western Fair District Raceway and Kawartha Downs Racetrack.

"We are pleased to announce that we have reached lease agreements in principle with 10 gaming sites," said Rod Phillips, president and CEO of OLG. "We have longstanding and positive relationships with our siteholders and look forward to working with them in the future."

OLG hopes to finalize agreements with site holders by February 28, 2013.

OLG continues to engage in lease agreement discussions with its other site holders across the province and remains hopeful that a positive outcome to those discussions is near for all facilities.

OLG is modernizing lottery and gaming in Ontario so that it can continue to support the people and the Province of Ontario.

Once this modernization is complete, OLG will have increased its net contribution to the Province by $1.3 billion annually, while creating thousands of jobs and driving more than $3 billion in capital investment across Ontario.

OLG is a provincial agency responsible for province-wide lottery games and gaming facilities.

Since 1975, OLG lotteries, casinos, slots, and resort casinos have generated more than $36 billion for the benefit of the Province of Ontario.

Proceeds from OLG's operations help support Ontario's hospitals, amateur sport through the Quest for Gold program, recreational and cultural activities, communities, provincial priority programs such as health care and education, and local and provincial charities.

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Comments
9
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OMGWTF 1/24/2013 8:33:51 AM Report

Better check with OLG on your heading here. The slot sites may still be there so they can sell the locations but the share of slot revenues probably aren't going to the horse breeders so if the lease payments go there good for them but I bet it's a lot less than the slot money.
KFM 1/24/2013 8:50:47 AM Report

And the Liberal Government back tracks again, just like the parks, bad desitions made/retract and maybe no one will notice! Right Dalton Gang. Another reason to turf these a##es!
Cashmier 1/24/2013 8:51:36 AM Report

I find it really strange that Fort Erie (the only other TB racing apart from Woodbine) isn't included in the list. I realize that the small tracks depend on the slot revenue, but all of these tracks are for standardbreds.

Also really sad to me is the loss of the Canadian Triple Crown if we lose Fort Erie and the Prince of Wales Stakes due to the lack of availability of a dirt track. This is a legacy for Canadian breeders, owners, trainers and fans. Very sad.
Arizona1984 1/24/2013 9:59:47 AM Report

Fort Erie is closed already.
old-cat33 1/24/2013 11:44:53 AM Report

Cashmere: What do you mean by standardbred?
old-cat33 1/24/2013 11:46:22 AM Report

Cashmere: What do you mean by standardbred?
tcowen 1/24/2013 12:05:43 PM Report

Another classic example of 'Corporate Welfare'.. & our tax dollars at work.?

OLG increases its net contribution by $1.3 billion, generating $3 billion in revenue.. while Orazietti fist pumps 4 billion dollars worth of subsidies into yet another dying industry.?

Every time one of these old mustaches twitches Orazietti opens our wallet and spits nickles at it..

OLG=(Ontario Legalized Gangsters) commission.
OMGWTF 1/24/2013 1:15:18 PM Report

tcowen your point is lost on me in that the article is about OLG signing leases for the space that the slots are on . The subsidies to horses are not in this deal but if the race tracks want to do that I suspect they can. Point here is that the new casino operators are gong to own and operate a number of casino/slots in a region so this action ties up the locations for sale.
Cashmier 1/24/2013 1:44:58 PM Report

Arizona - hasn't closed entirely yet. The track is apparently for sale with the surrounding land, but the commission has applied to host a limited number of races. I'm praying something happens to make things work - don't have a lot of hope, but I'm still praying.

oldcat - Standardbreds are the horses used for harness racing (when they pull the carts). Because they can be trotters or pacers, Standardbred or harness/sulky racing is a more all encompassing term. Thoroughbreds are the runners.
Comments
9
Note: Comments that appear on the site are not the opinion of SooToday.com. If you see an abusive post, please click the link beside the post to report it.
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