The future of gambling in Ontario took a swift turn earlier this week after some big announcements from the Ontario Lottery and Gaming Corp. (OLG).
The biggest news from the OLG announcement was plans to build a new casino in the Greater Toronto Area. OLG chairman Paul Godfrey stated that after years of trying to bring a casino to Toronto the fragile economy and growing deficit has finally helped make it happen.
The new casino and other plans by OLG such as selling lottery tickets online and at grocery and big-box stores instead of just at single customer-service station, and either closing or relocating under-performing gaming sites would be key to generate more revenue. Some figures released by OLG called for an increase in revenues by more than $1 billion a year and the new plan is also expected to create 2,300 new jobs in the gaming industry and up to 4,000 jobs in the hospitality and retail industry over the next five years. The new casino in Toronto is expected to account for around 40% of the new $1 billion in revenue.
No planned location for the new Toronto casino was revealed at the announcement. OLG stated they will first have to talk about proposals with municipal leaders and looking at companies with ideas on bidding on the project.