The Ontario Lottery and Gaming Corporation will contribute close to $81 million to racetracks as compensation for the scrapping of the Slots at Racetracks program, according to a report in The Globe and Mail.
The payments will go to racetracks that spent money renovating in order to accommodate more slot machines before the government cancelled the funding program.
According to the article, $31.5 million will go to Great Canadian Gaming for its Georgian Downs track located north of Toronto. More than $26 million is tapped for Woodbine Entertainment Group, while the remainder of the money, close to $23 million, will be split among several other tracks.
The funding for the settlements comes from the anticipation of the OLG's modernization strategy, according to Tony Bitonti, senior manager of OLG media relations. This new plan called for an overhaul of all gambling in Ontario, including building more casinos, privatizing lottery operations, and eliminating the Slots at Racetracks program. The OLG expects to bring in an additional $1.3 billion per year by 2017, according to the report.
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