Statement from OLG President and CEO on hosting fee for Niagara Falls

TORONTO, May 17, 2013 /CNW/ - Today OLG announced a new funding formula as part of our Municipality Contribution Agreement (MCA). The new formula provides more money to all host municipalities, while ensuring equal treatment across the province.

The City of Niagara Falls as host of two resort casinos, which has until now been receiving fixed fees, will now also be compensated under the new MCA.

Under the new formula, the City of Niagara Falls could receive approximately $23.5 million annually to host Fallsview Casino and Casino Niagara.

Last year, Niagara Falls received $7.2 million, which included a flat hosting fee and payments for police services.

For host municipalities across the province, the opportunity to host a gaming facility continues to be excellent: jobs, economic development, capital investment, hosting fees and property tax.

Note: The estimated hosting fee for Niagara Falls is calculated using revenue figures at Fallsview Casino and Casino Niagara for Fiscal 2013, and is meant for illustrative purposes only.

SOURCE: OLG

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