The Ontario Lottery and Gaming Corporation has come up with a revised funding formula for any future casino in Toronto and according to sources the figure will be at least $100 million each year.
The money would be paid to the city from the casino’s money. However, the proposal has not yet received approval from the premier and the finance minister.
An official in the premier’s office said, “The government is still considering a formula that in order to be fair will be the same across the province, with no special deals for any one municipality.” The OLG has only said that it “has completed its province-wide review of the Municipal Contribution Agreement” and the government must now make a decision.
Toronto is split over the casino debate and Mayor Rob Ford is in favour of a waterfront casino and resort. However, many councillors are seat against the idea claiming that residents don’t want a downtown casino.
The council will be holding a special debate on May 21st and Ford is confident that he will win.