Ontario offers loan of up to $500 million to lottery and gaming corporation

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TORONTO — Ontario is extending a line of credit of up to $500 million to its lottery and gaming agency.

The province says the loan will temporarily support the Ontario Lottery and Gaming Corporation’s operational costs during the COVID-19 pandemic.

The loan will also help OLG meet its contractual obligations over the short term as its operations remain closed.

The government says the loan will ensure the OLG’s casino operations can quickly resume after shutdown orders lift in order to generate revenue for the province.

A spokeswoman for the province’s finance minister says the government is confident OLG will be able to repay the line of credit once emergency orders loosen.

She says OLG will remain in contact with public health officials to determine when it is safe for its facilities to reopen.

 

20 COMMENTS

  1. Is there any private sector business left in the village of SSM? Take the Gov’t money away and the place disappears. Which translates to, why does the place exist in the first place, except to burn tax dollars? My lord, what a disaster. Go to a public or private gathering when they are allowed next time. Take a private poll of who works where. You will find 90-95% are employed by a Gov’t tax expense in some form or manner. Enough of this nonsense already. Private sector cannot survive up there. Kids are leaving, never to return. Let it die and quit wasting tax dollars.

    • Spiderus Merchantus I appreciate your sentiment. It’s not often I hear from my arachnid friends through outdated social media platforms. I stand by my statement, however. No change can be made to better our society without lost jobs, which is just a fact, unfortunately. The good news is that other industries are just as likely to be on an uptick, and be less reliant on a dying generation for revenue. Spiders are adaptable; motivated ones should see the writing on the wall and move towards more sustainable markets. Say high to Charlotte!

    • Joe Morin A lot of dying industries employ a lot of people. Taxpayers can’t be expected to keep these places afloat forever once the revenue dries up completely. It’s sad, but that’s capitalism.

    • Rosemarie Mcdonald you do realize Trudeau is the Prime Minister of Canada and not the Premier of Ontario, who would be responsible for these loans, right? I’m against corporate welfare in almost all cases, too, but the OLG does play a significant part in our local economy. The last thing we need as a city is more people losing their jobs. Hopefully this will prevent that.

      More small businesses and ordinary people will need help too though. We’re going to need a comprehensive solution for this across all levels of government. Not just anger inaccurately thrown at Trudeau while using juvenile name calling in an attempt to make a point.

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