OLG SIGNS 20-YEAR CASINO OPERATING AND SERVICES AGREEMENT WITH ONTARIO GAMING EAST LIMITED PARTNERSHIP FOR EAST GAMING BUNDLE ASSETS
TORONTO, ON – Ontario Lottery and Gaming Corporation (OLG) signs a 20-year Casino Operating and Services Agreement (COSA) with Ontario Gaming East Limited Partnership (Ontario Gaming East LP). Under the agreement, Ontario Gaming East LP takes over certain day-to-day operations and the assets of the East Gaming Bundle which include OLG Casino Thousand Islands and OLG Slots at Kawartha Downs, effective today.
On September 9, 2015, OLG announced it had selected Ontario Gaming East LP as the service provider for the East Gaming Bundle. Since then, OLG and Ontario Gaming East LP have been working towards concluding a Transition and Asset Purchase Agreement and entering into the COSA.
OLG has worked with Ontario Gaming East LP to help ensure that transferring employees have a smooth and seamless transition. This includes the requirement for Ontario Gaming East LP to retain transferring employees for a period of no less than 12 months in their current position and geographic location, and to provide eligible employees with benefits and a registered pension plan.
As the service provider for the East Gaming Bundle, Ontario Gaming East LP has the opportunity to build a new gaming and entertainment facility in Belleville.
At approximately $2 billion annually, OLG provides the Ontario government with its largest source of non-tax revenue. Modernization will help OLG provide more money to Ontario for key government services, including health care and education.
OLG is a provincial agency responsible for gaming facilities, the sale of province-wide lottery games, the PlayOLG Internet gaming website and the delivery of bingo and other electronic gaming products at Charitable Gaming Centres across the province. Since 1975, OLG has provided nearly $42 billion to the Province and the people of Ontario. OLG’s annual payments to the province have helped support the operation of hospitals; prevention, treatment and research of problem gambling; amateur sport through the Quest for Gold program; and local and provincial charities. OLG was a Premier Sponsor of the TORONTO 2015 Pan Am / Parapan Am Games.
All for Here - 100 per cent of OLG’s proceeds are invested in Ontario
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