TORONTO, Feb. 26, 2013 /CNW/ - The Ontario Lottery and Gaming Corporation (OLG) is pleased to announce that it has reached a lease agreement in principle for its slots operations at Ajax Downs.
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 11 other site holders.
"We are pleased to have reached lease agreements in principle for our slots operations at 12 of 14 sites," said Rod Phillips, President and CEO of OLG. "We continue to hold discussions with the remaining site holder and are hopeful that a positive outcome to those discussions is near for all facilities."
OLG hopes to finalize the agreement with the site holder by March 15, 2013. "We have longstanding and positive relationships with our site holders and look forward to working with them in the future," said Phillips.
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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