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Slots Payout...For the City

Woodstock continues to reap the rewards of hosting slot machines

The slots at the Woodstock Raceway have paid out again.

The city will be receiving a cheque for $348,965 from second quarter gaming revenue from the slot machines.

To date, the city has received over $12-million in slot proceeds.  Once that total reaches $65-million, the city's take from the slots drops from 5.25 down to 3%.
 
Under new framework announced earlier this year by the province, all municipalities will collect future revenues on a sliding scale:
• 5.25% on the first $65 million of slot revenue;
• 3.0% on the next $135 million of slot revenue;
• 2.5% on the next $300 million of slot revenue;
• 0.5% on slot revenue above $500 million

In Woodstock, money has been used for community grants, road projects and also helped pay for the renovation of the Woodstock YMCA. 

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