Casino could earn city $168m a year
City manager Joe Pennachetti says a casino could be the solution to Toronto’s annual budget woes — if it can convince the Ontario Lottery and Gaming Corporation to pay the city a premium for hosting a large-scale development downtown. Signalling that the current revenue-sharing formula the OLG has in place is unacceptable, city staff have drawn up two alternative scenarios for a downtown “integrated entertainment complex” that could pour $106-million to $168-million a year into municipal coffers. Read more