Published:
October 4, 2012 03:48 pm EDT
The City of Ottawa has released the details of the Ontario Lottery and Gaming Corp.'s revenue-sharing formula, which will be put into place for the casino expansion which the city is still mulling.
According to a report by the Ottawa Sun, the revenue-sharing formula is as follows:
- The city will receive 5.25 per cent on the first $65 million on 'net' slot revenue
- The city will then receive 3 per cent on the next $125 million on net slot revenue
- The city will then receive 2.5 per cent on the next $300 million on net slot revenue
- The city will then receive 0.5 per cent on all additional net slot revenue
The OLG formula also states that the host municipality will not receive a cut from revenues generated at table games.
According to the OLG, Ottawa can expect to receive $5.6 million from the new formula. The city received $4.381 in revenue from the existing formula in 2011.
(With files from the Ottawa Sun)
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