The city continues to see the benefits of hosting the OLG Slots. A first quarter payment of $332,381 was recently issued to the city for revenues at the OLG Slots at the Woodstock Raceway between April and June. This is the first payment under a new formula that was introduced by the Ontario Lottery and Gaming Cooperation in May. The formula which is part of the Municipality Contribution Agreement is said to provide more money to host municipalities. Under the agreement, municipalities will receive: ? 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; and ? the new element, 4.0% on table game revenue. In a release from the OLG, they quote the Minister of Finance, Charles Sousa as saying ?Host communities are able to invest in important local programs and infrastructure with revenue from OLG gaming sites. The modernization of Ontario?s lottery and gaming business will stimulate economic development, create new jobs and continue to support public priorities like health care.? To date, Woodstock has received more than $12 million in non-tax gaming revenue.
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