The OLG Pays 81 Million to Racetracks as a Result of Its Modernization Plans

The OLG (Ontario Lottery and Gaming), the Canadian gambling group has paid out more than eighty million dollars to local tracks in Ottawa in order to cover the expenses that they might have incurred as a result of the cancellation of the slots-at-track revenue sharing system of the province. Contracts between the racetracks of Ontario and the OLG stated that if the OLG ever cancels the sharing program, it will be obligated to cover some expenses which amounted up to 81 million dollars.

These expenses will cover the investments that most of the seventeen tracks had made in order to expand their facilities as well as constructing new facilities in order to offer more slot machines, based on the deal and contract between them and the Ontario Lottery and Gaming. Sadly, because of the modernization plans of the lottery group, the sharing program was cancelled and this is why the tracks need the money to cover the expenses and their losses.

Jim Thibert, the CEO of Fort Erie racetrack has stated that the 81 million dollars will not cover all but a significant portion of what racetracks would consider as the loses and costs resulting from the cancellation of the program. Jim Thibert also stated that his racetrack, Fort Erie is not entitled for a portion of the 81 million dollars because he did not invest or purchase any lands in order to expand his slot machines facilities. Therefore, he does not need money to cover for such expenses.