MPP Craitor announces new long-term lease
NIAGARA FALLS, ON, Jan. 22 /CNW/ - The future for Casino Niagara was unveiled today, with the finalization of a long-term lease between the Ontario Lottery and Gaming Corporation (OLG) and Canadian Niagara Hotels Inc. (CNHI).
"The McGuinty government has delivered on its commitment to ensure that Ontario not only maintain two casinos in Niagara Falls but also enhance the exciting variety of gaming and entertainment options for Ontarians and visitors alike," said Kim Craitor, MPP for Niagara Falls, who made the announcement on behalf of the Honourable Dwight Duncan, Ontario's Minister of Finance and the Minister responsible for the Ontario Lottery and Gaming Corporation.
OLG and property owner Canadian Niagara Hotels Inc (CNHI) announced agreement on a 15-year lease extension for the current location, effective March 1, 2010. The extension provides long-term economic stability for local businesses, employees and communities in the region.
Art Frank, President, Niagara Casinos said, "We are pleased to continue offering two distinct entertainment options to the community and to our visitors. This new commitment also provides certainty to the over 800 employees of Casino Niagara."
"It's a win-win for the region and everyone involved. We are excited that OLG and CNHI have reached a long-term agreement. This commitment represents not only great entertainment offerings, but economic and employment benefits as well," stated Niagara Falls Mayor Ted Salci.
The first Casino Niagara lease was awarded to CNHI in 1996 following an open bidding procurement process. The new agreement is the result of negotiations between OLG and CNHI to extend the current lease on new terms and will run until March, 2025 ensuring the long-term stability of the operation.
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 $28 billion for the benefit of the Province of Ontario. Gaming proceeds support Ontario's hospitals, amateur sport, recreational and cultural activities, communities, provincial priority programs such as health care and education, and local and provincial charities and non-profit organizations through the Ontario Trillium Foundation.
For further information: For further information: OLG Media Relations: 1-888-946-6716