Slots Payout to City: $1,306,179
The City of London has received its first-quarter 2014 payout from the slots at Western Fair District.
The city’s share of revenue from April-June totals $1,306,179. The OLG says it has paid London $56-million to date and Ontario, $200-million a year. It’s the provincial government’s largest source of non-tax revenue.
Under the funding formula, host municipalities receive 5.25 % on the first $65 million of slot revenue, 3% on the next $135 million and 2.5% on the next $300-million. If revenue exceeds $500-million, the municipality’s share drops to .5%.
The OLG says that In 2014-2015, the province will allocate $115 million in gaming revenue to support charities through the Ontario Trillium Foundation. The Government of Ontario will also allocate $39-million this year for the province’s problem gambling program for research, treatment and prevention.