North Bay city council approves revenue-sharing plan in regards to new casino
Friday 13th March 2020
NORTH BAY -- North Bay City council has approved a new revenue-sharing agreement with the province's lottery and gaming commission.
The plan with OLG outlines the amount of money the city will receive from the soon to be built Cascades Casino.
Casino construction on Pinewood Park drive is well underway. As part of the development, the city will receive 5.25 per cent of the first $65 million it generates from slots and four per cent from live table games.
Depending on casino use, the city could get $1-2 million in gaming revenue along with an additional $500-800,000 based on building assessment.
The majority of council voted in favour of the motion, however, councillor Mark King did not.
"I think the city is actually entitled to more of that profit-sharing, keeping in mind that agreement is done directly with OLG."
The OLG says the agreement is on par with those from other municipalities. The city says casino is on track to officially open this summer and create 300 new jobs.