Cavan Monaghan Receives 3rd Quarter OLG Payment

Ontario Lottery and Gaming Corporation (OLG) made a third its quarter (October 1 – December 31) payment totaling $76,278 to the township for hosting Shorelines Slots at Kawartha Downs in Fraserville last month.

This represents almost 18% less than the township’s second quarter payment, and a 33% drop in revenue for the same period last year.  This payment brings total receipts from OLG to $251,631 for the first 9 months of OLG’s fiscal year, which ends on March 31st.   Since 2020, funds from this source have been directed to the overrun costs of the CMCC which were funded by an internal loan from the Asset Replacement Reserves at the time it was incurred.  The loan is reflected in the township Designated Reserve accounts, and the balance outstanding on this overrun is estimated to be roughly $1 million at the end of 2023.

Peterborough’s payment is significantly higher for its hosting activities, receiving $704,652 for the third quarter.  This represents a 10.5% decline over the previous quarter payment, but is closer to the quarterly payment of $719,930 it received in the same period last year.  So far Peterborough has received $2,294,602 for the first three quarters of the fiscal year.

Both locations are owned and operated by Great Canadian Gaming owns both gaming sites.  Payments are made under a formula in the Municipality Contribution Agreement, which determines the amount of funding that municipalities receive for hosting a gaming facility. These payments to host communities are based on a formula consistently applied across all gaming sites in Ontario using a graduated scale of gaming revenue at the hosted site.  KG

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