AND GAMING CORP.
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.
- 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.