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Council Approves OLG Agreement

Friday, 2 November 2012 11:26

Woodstock will continue to cash in on the slots for years to come. A new agreement with the OLG was approved by city council last night, that will see Woodstock essentially collect the same payout as previous years. Ontario Lottery and Gaming has been in the midst of a major overhaul to try and rake in more money. There was concern at City Hall that maybe the OLG would claw back on the share municipalities get from hosting slot machines. But Mayor Pat Sobeski says the city will continue to collect 5.25% until the slots at the Raceway hits $65-million in revenue. "As the revenue goes up, then it decreases further on. At Woodstock, our net revenue is around $25-million, so we've got a long ways to go to reach $65-million." Currently, the city receives 5% of the revenue, but with some accounting changes, Sobeski says the city's take will be virtually the same, which works out to over $1-million a year. Woodstock uses that money to fund community grants, road repairs, and other special initiatives, like to pay for a portion of renovations at the YMCA. Here's a breakdown of the new deal for the city, which takes effect at the end of March, 2013: -5.25% for the first $65-million -3% on the next $135-million -2.5% on the next $300-million -0.05% based on the remainder

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