Peterborough recently became one of the communities that benefit from casino operation on a regular basis with the first cheque coming from the management of Shorelines Casino Peterborough. Ontario Lottery and Gaming Corporation presented the anticipated allocation generated via casino operation that managed to reach some CA$705,606 over the span of three months between October 15, 2018, and December 31, 2018.
Casino venues are known for their allocations to the host community. Said money is later used for various projects and improvements across the area. This Monday was a special one for Peterborough, as the town was anticipating the introduction of a generous cheque with an allocation generated from the casino gaming revenue. Mayor Diane Therrien received the amount of money from Ontario Lottery and Gaming Corporation representatives at the special meeting.
Casino Revenue Funds Local Projects
Dave Smith, MPP for Peterborough-Kawartha, pointed out that Peterborough is projected to substantially benefit from the allocation that would later be used for improving the local infrastructure, various charity organizations in the area, as well as finishing larger projects that need additional funding.
Details around the arrangement are positive for Peterborough, as the community is able to bag some four percent of the gaming revenue generated via gaming tables. In addition to that, city coffers are also able to receive 5.25 percent of the revenue amassed via slot gaming, at least until the casino venue reaches the CA$65-million mark since the beginning of its operation.
The community anticipated this payment, as this year is projected to see quite the development across the region and millions of Canadian dollars invested in beautification works and brand new construction. Initial projections estimated that the overall amount of money allocated could reach some CA$4 million, with local officials already distributing portions of it to several projects.
Great Canadian Corporation Expects More from 2019
A special vote in January decided that a new Casino Gaming Reserve equating to CA$4 million has to be introduced. Peterborough Humane Society was supposed to bag CA$400,000 in order to spend this additional funding for building a new CA$9.5-million venue located on Television Road. The overall amount of cash this project has been promised to see between 2017 and 2021 reaches CA$1.5 million.
This year is also going to bring some CA$200,000 for the introduction of new splash pads across the area. New ground geysers are going to be built in Olympus Park and Hamilton Park, a project that aims to diversify the recreational areas of the town. Incentives for affordable housing will also be funded by casino revenue, this year bagging a CA$100,000 allocation from Shorelines Casino.
The overall amount earmarked by city officials reaches CA$1.1 million. Great Canadian Gaming Corporation overseeing the casino venue would dedicate this year to many improvements and essential changes, such as the latest announcement that Mr. Terrance Doyle has been promoted to the position of President, Strategic Growth and Chief Compliance Officer, effective March 11, 2019.