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,
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
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
OLG is modernizing Lottery and Gaming for a better Ontario
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