OLG Signs Casino Operating and Services Agreement for GTA Gaming Bundle
TORONTO, Jan. 23, 2018 /CNW/ - The Ontario Lottery and Gaming Corporation (OLG) has signed a 22-year Casino Operating and Services Agreement (COSA) with Ontario Gaming GTA LP (OGGLP) for the GTA Gaming Bundle.
The GTA Gaming Bundle is the fifth bundle to transition to a service provider in Ontario. It is the latest step in OLG's land-based gaming modernization, which is creating the conditions for a vibrant gaming industry in the province, and bringing jobs and investment to communities across Ontario.
OGGLP now assumes responsibility for the day-to-day operations and assets of OLG Slots at Woodbine Racetrack, OLG Slots at Ajax Downs and Great Blue Heron Casino.
OGGLP is a Canadian partnership comprised of Great Canadian Gaming Corporation ("Great Canadian") and Brookfield Business Partners LP ("Brookfield Business Partners"). Great Canadian and Brookfield Business Partners each hold a 49 per cent interest in OGGLP. Clairvest Group Inc. holds a two per cent interest.
Great Canadian will operate the gaming facilities within the GTA Bundle on behalf of the Partnership.
OLG has an internationally-recognized Responsible Gambling (RG) program and embeds its high standards for RG into the contracts it has with service providers.
OLG provides the provincial government with its largest source of non-tax revenue. Modernization helps OLG provide more money to Ontario for key government services.
Founded in 1982, Great Canadian Gaming Corporation is a BC based company that operates 22 gaming, entertainment and hospitality facilities in British Columbia, Ontario, New Brunswick, Nova Scotia, and Washington State. Fundamental to the company's culture is its commitment to social responsibility. "PROUD of our people, our business, our community" is Great Canadian's brand that unifies the company's community, volunteering and social responsibility efforts. Under the PROUD program, Great Canadian annually invests over $2.5 million in our communities, and in 2016, over 1,500 charitable organizations were supported by Great Canadian. In each Canadian gaming jurisdiction, a significant portion of gross gaming revenue from gaming facilities is retained by our crown partners on behalf of their provincial government for the purpose of supporting programs like healthcare, education and social services.
Brookfield Business Partners is a business services and industrial company focused on owning and operating high-quality businesses within Brookfield's private equity group that benefit from barriers to entry and/or low production costs. Brookfield Business Partners is listed on the New York and Toronto stock exchanges. Further information is available at http://bbu.brookfield.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Brookfield Business Partners is the flagship listed business services and industrials company of Brookfield Asset Management, a leading global alternative asset manager with over $265 billion of assets under management. For more information, go to www.brookfield.com.
OLG is the Ontario government agency that delivers gaming entertainment in a socially responsible manner. OLG conducts and manages gaming facilities, the sale of province-wide lottery games, PlayOLG Internet gaming, the delivery of bingo and other electronic gaming products at Charitable Gaming Centres and is helping to build a more sustainable horse racing industry in Ontario. Since 1975, OLG has provided nearly $47 billion to the Province and the people of Ontario. These payments to the province support the operation of hospitals, amateur sport through the Quest for Gold program, local and provincial charities and problem gambling prevention, treatment and research.
All for Here - 100 per cent of OLG's proceeds are invested in Ontario
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