The Ontario Lottery and Gaming Corporation (OLG) has agreements, known as “Municipality Contribution Agreements,” with the various municipalities hosting OLG gaming sites. Part of the Municipality Contribution Agreements requires OLG to pay “hosting fees” to the municipalities hosting OLG gaming sites. Hosting fees are determined according to a predetermined formula.On May 17, 2013, OLG announced a new formula for determining the “hosting fee” payments to be paid to the municipalities. The payments are based on an escalating scale of slot machine revenue and include a percentage of table game revenue.Under the agreement, municipalities receive: 5.25% on the first $65 million of slot revenue; 3.0% on the next $135 million of slot revenue; 2.5% on the next $300 million of slot revenue; 0.5% on slot revenue above $500 million; and 4.0% on table game revenue.In July 2013, OLG issued its first-quarter (April to June) payments to municipalities hosting OLG gaming sites – the first such payment under OLG’s new formula. In total, OLG contributed $32 million to 22 municipalities. According to OLG, municipalities hosting OLG gaming sites have received over $938 million in gaming revenue. In addition to “hosting fees,” municipalities receive property tax revenue from OLG. Municipalities also benefit from jobs, economic development, and capital… Read full this story
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Ontario Lottery and Gaming Corporation (OLG) New Hosting Fee Payments; New OLG Chair is Appointed have 267 words, post on www.natlawreview.com at August 25, 2013. This is cached page on VietMaz. If you want remove this page, please contact us.