Summary:
In the second quarter of 2022, the Ontario Lottery and Gaming Corporation will begin sending gambling allocation payments to host communities. During the period of July 1, 2022, through September 30, 2022, this applies. Fallsview Casino Resort and Casino Niagara received a payment of over five million dollars from the city of Niagara Falls.
It’s time for the Ontario Lottery and Gaming Corporation to repay the municipalities that hosted its casino properties. The second-quarter payments from the Crown corporation started to be sent to host communities this week. In the second quarter, the city received over five million dollars for hosting Fallsview Casino Resort and Casino Niagara.
The Province of Ontario is required to share a portion of its casino revenue with the municipalities that host its land-based gaming properties. Payments are determined by a formula which is consistently applied across all provincial gaming amenities and utilizes a graduate scale of gaming revenue for each location.
Paying back something
The OLG has started to send gambling allocation payments to host communities for the second quarter of 2022, it was reported this week. During the period of July 1, 2022, through September 30, 2022, this applies. The Fallsview Casino Resort and Casino Niagara received a payment of over five million dollars from the City of Niagara Falls.
The city received a grand total of over a million dollars during the current fiscal year of the OLG. The first casino in the area was launched in 1996, and since then the Crown corporation has delivered over one hundred million dollars to the region. The money was reinvested into the local economy of the municipality.
According to Peter Bethlenfalvy, Ontario’s Minister of Finance, money from the OLG’s Municipality Contribution Agreements benefits host communities, who utilize it to invest in activities and services that benefit everyone, from neighborhood parks to local festivals. The payments help boost quality of life and make the province an exciting place to live, work, and play, according to his words.
The OLG made a payment of over six million dollars for the first quarter of the fiscal 2022-23 year. The current FY was affected by the unprecedented situation and the closing of casinos in the province, which resulted in larger payments. Their operations have returned to normal and are now at full capacity.
There are more payments that are sent out
The second quarter payment from the Crown agency has also been obtained by the City of Peterborough. In the second quarter of the year, the city was awarded a payment of over one million dollars for hosting Shorelines Casino. This is slightly larger than the Q1 one payment, which was over CA$ 700,930. For the current fiscal year, totaling over CA $1,510,427.
The second-quarter payment from the Ontario Lottery and Gaming was for hosting Shorelines Slots at Kawartha Downs in Fraserville. The Q1 payment of CA$109,068 was slightly up from this allocation. The township has earned over $60 million in non-tax gaming revenue since the gaming location opened in 1999.
The city of Niagara Falls received $5.3 million this quarter for hosting casinos.