TORONTO, April 30, 2018 – The Honourable J. David Wake, Ontario’s Temporary Financial Accountability Officer, has just released a report that reviews the Ontario Lottery and Gaming Corporation’s (OLG) sale of the Greater Toronto Area (GTA) Gaming Bundle.
In order to generate more revenue for the Province, OLG has divided its gaming assets into geographic regions, or “bundles”, and transitioned the operation of the bundles to private sector operators. The GTA Gaming Bundle, which includes the OLG Slots at Woodbine, the OLG Slots at Ajax Downs and the Great Blue Heron Casino, was transitioned to a service provider, Ontario Gaming GTA LP (OGGLP), in January of 2018. The agreement with OGGLP also includes the option to expand gaming at the existing facilities and to build a new casino in the GTA region.
The FAO estimates that the GTA Gaming Bundle will contribute a total financial benefit to the Province of $34.5 billion over 22 years, which is the length of the initial term of the agreement. On a net present value basis, which accounts for timing and investment risk, the financial benefit to the Province is $13.1 billion.
To learn more about the FAO’s review of the GTA Gaming Bundle, click here for the FAO’s report.
About the FAO
Established by the Financial Accountability Officer Act, 2013, the Financial Accountability Office (FAO) provides independent analysis on the state of the Province’s finances, trends in the provincial economy and related matters important to the Legislative Assembly of Ontario. Visit our website at http://www.fao-on.org/en/ and follow us on Twitter at https://twitter.com/InfoFAO.
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For further information or to arrange interviews, please contact:
Kismet Baun l (416) 254-9232 l kbaun@fao-on.org l fao-on.org
