The City of Pickering yesterday announced its commitment to voluntarily share its gaming revenues with the Region of Durham.
Each year, the city will retain the first $10 million in casino revenues (through its hosting agreement with OLG) and will then split the remaining balance 50/50 with the Region of Durham, with a cap of $6 million per year. The agreement stipulates that revenue sharing will be retro-active to January 1, 2023 with payments made by the city to the region annually.
Since Pickering Casino Resort opened its doors in July 2021, Ontario Lottery and Gaming Corporation (OLG) has issued non-tax gaming revenue payments totaling $20,253,780 (up to December 31, 2022) to the City of Pickering for hosting the facility.
Together, the city and region hope this revenue will help to meaningfully address their shared goals including more affordable housing and social services in the community, said a statement.
“The City of Pickering has made a remarkable commitment with this historic revenue sharing agreement. As a recognized municipal leader, we are taking a proactive step towards building a stronger, more equitable community for all, by sharing our casino gaming revenues with the Region of Durham. Together, we can make a meaningful impact on the lives of those in need and create a brighter future for residents across our region,” said Mayor Kevin Ashe.
“The Region of Durham and City of Pickering have entered into an exciting partnership to share revenue generated by the Pickering casino. This new opportunity will provide exceptional value to Durham taxpayers. It’s a partnership designed to offer responsive, effective, and fiscally sustainable service delivery; focused on the delivery of exceptional quality services and value,” added John Henry, Regional Chair and Chief Executive Officer.
The Memorandum of Understanding for the Sharing of Pickering Casino Revenues is outlined in Report CAO 02-23.