City receives casino cash
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The City of North Bay has received $111,134 from the Ontario Lottery and Gaming Corporation as its first quarterly gaming revenue from the new Cascades Casino North Bay.
The payment is based on casino revenue generation from March 9 to March 31, the first 23 days the casino operated.
During a grand opening event at the casino last week, Nipissing MPP and Minister of Economic Development, Job Creation and Trade Vic Fedeli and a team from OLG presented North Bay Mayor Al McDonald the initial cheque for $111,134, representing the city’s share of proceeds generated by the province’s newest gaming facility.
“We’d like to congratulate Gateway Casinos on their grand opening and this exciting new investment in our community,” Fedeli said.
“This incredible $41-million investment in North Bay will have a significant impact on the whole regional economy, especially as we recover from the economic impacts of the pandemic. This new entertainment destination will mean hundreds of new, local jobs, enhance our vibrant tourism sector and become a regional landmark for generations to come.”
McDonald also pointed at the jobs created in the community, saying the city is “eager to work with OLG to strengthen our community by using this new revenue to enhance our municipal services that will benefit all our residents.”
The casino was built by Gateway Casinos and Entertainment Limited as part of OLG’s land-based gaming modernization program. Since 2017, five new casinos have been built in Ontario and other casinos have recently been enhanced or expanded.
“OLG is proud to partner with local communities across the province where we, together with our service providers, create jobs, deliver capital development and offer world-class entertainment in a safe and secure environment,” said OLG President and CEO Duncan Hannay.
“We are excited about the new Cascades Casino North Bay and to share in its continued success with our newest host community, the city of North Bay.”
Gateway CEP Tony Santo called the presentation of the proceeds “a great day for North Bay and Gateway Casinos. I am proud to say, despite the challenges of Covid over the last two years, we finally reached the finish line. This new attraction is testimony to the resiliency and determination of a great many people who kept their focus and worked hard together to create a state-of-the-art entertainment destination for the City of North Bay.
“It really is a wonderful achievement.”
Payments are based on Municipality Contribution Agreements, using a graduated scale of gaming revenue at the hosted site which is consistently applied across Ontario.
Under the agreement, municipalities receive 5.25 per cent on the first $65 million of slot revenue, 3.0 per cent on the next $135 million of slot revenue, 2.5 per cent on the next $300 million of slot revenue, 0.5 per cent on slot revenue above $500 million and 4.0 per cent of table game revenue.
Payments are provided quarterly (the fourth quarter ran from Jan. 1 to March 31). The amount of these payments may vary within a given year depending on if/when a gaming site reaches these graduated revenue benchmarks.
