OLG reaches agreement in principle for lease at Grand River Raceway
TORONTO, Feb. 5, 2013 /CNW/ - The Ontario Lottery and Gaming Corporation (OLG) is pleased to announce that it has reached a lease agreement in principle with Grand River Agricultural Society for OLG's slots operations at Grand River Raceway.
OLG has provided the site holder with a Letter of Intent, which sets out the general intentions and business arrangements, subject to approvals, between OLG and the site. OLG previously announced it has reached agreements in principle for its slots operations with 10 other site holders. Today's announcement brings the total to 11 of 14 sites.
"We are pleased to announce that we have reached a lease agreement in principle for our slots at Grand River Raceway," said Rod Phillips, President and CEO of OLG, "We have longstanding and positive relationships with our site holders and look forward to working with them in the future."
OLG hopes to finalize the agreement with the site holder by February 28, 2013.
OLG continues to engage in lease agreement discussions with its three remaining site holders across the province and remains hopeful that a positive outcome to those discussions is near for all facilities.
OLG is modernizing lottery and gaming in Ontario so that it can continue to support the people and the Province of Ontario. Once this modernization is complete, OLG will have increased its net contribution to the Province by $1.3 billion annually, while creating thousands of jobs and driving more than $3 billion in capital investment across Ontario.
OLG is a provincial agency responsible for province-wide lottery games and gaming facilities. Since 1975, OLG lotteries, Casinos, Slots, and Resort Casinos have generated more than $36 billion for the benefit of the Province of Ontario. Proceeds from OLG's operations help support Ontario's hospitals, amateur sport through the QUEST FOR GOLD program, recreational and cultural activities, communities, provincial priority programs such as health care and education, and local and provincial charities.
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