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OLG Payments to Woodstock Will Continue

Tuesday, 24 April 2012 at 07:35

Will the OLG Slots continue to pay out for Woodstock? According to the latest release from the OLG, it will. Ontario Finance Minister Dwight Duncan is quoted in the latest release as saying under the OLG's "Modernization Plan", host communities will continue to receive financial support. "Hosting OLG Slots at Woodstock Raceway continues to provide substantial revenue for the community,? said Dwight Duncan, Minister of Finance. ?Under OLG?s Modernization Plan, communities that host these gaming sites will continue to receive financial support while the province can also look forward to receiving billions of dollars more from this modernization effort and the creation of thousands of new jobs." Woodstock Mayor Pat Sobeski hopes that's the case. "I fully expect that will continue. As they go along the privatization process, all indications are they are going to attempt with their new formula to come close to what municipalities have been receiving. But until you see the final numbers, you won't be sure." The new formula will be effective when the old one ends in March of 2013. Woodstock's latest quarterly payment is worth 324-thousand dollars. That's 5 per cent of the revenue taken in at the Woodstock slots between January and the end of March. It equates to roughly 1.2-million a year.

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