The govt. of Ontario has finally decided on the new chair of the OLG (Ontario Lottery and Gaming corp.). This new chair is Philip Olsson who is currently the chair of the LCBO (Liquor Control Board) but he will be moved to the OLG chair position. Edward Waitzer has been nominated by the Minister of Finance to fill the space that he left behind as the LCBO chair. Philip Olsson was not only the chair of the LCBO as he was a partner with KJ Harrison and Partners, which is a private investment firm. That is not all, as he is also the chairman of an energy exploitation firm in the private sector, Connaught Oil and Gas Limited. As for the new chair of the LCBO, he is also a professor and he is also the Chair of the Corporate Governance of Jarislowky Dimma Mooney. He is also the Director for York University’s Hennick Centre of Law & Business. Waitzer is going to lead the LCBO as it tries its best in order to positively affect and contribute to the economy of the city of Ontario.
Charles Soussa, the Minister of Finance of Ontario has stated that both, Mr. Waitzer and Mr. Olsson are able to provide the OLG and the LCBO with their rich experience as they have proven themselves as 2 of the best business leaders in Canada. He also added that their oversight and their wise guidance will certainly help the two agencies in achieving their plans and for the agencies to efficiently run and position themselves for success in the long term.
These nominations for Waitzer as the LCBO chair and Olsson as the OLG Chair are still nominations, as they still have to be approved by the Government Agencies’ Standing Committee. Although it is expected that this will not be a problem and that they will be approved easily.
On other news, the government of Ontario estimated that the net revenue from lotteries, slot facilities and casinos that are operated by the OLG would be more than 2.02 billion dollars in the upcoming financial year (2013 – 2014). This money is going to help support the objectives of the province. This includes the establishments of hospitals as well as supporting amateur athletes. The LCBO has contributed with over 1.7 billion dollars that was used to support roads, hospitals as well as other projects in the province.