Casino News

OLG Bags CA$500m Loan to Stay Afloat

Ontario Lottery and Gaming Corporation is about to receive some CA$500 million from Ontario’s government as a loan striving to help its future operation. The unprecedented situation around the globe and in Canada has affected normal gaming operation which called for the loan. The Crown corporation will also be able to cover its contractual obligations over the past almost three months.

Support in these trying times comes in handy for the large lottery corporations that have been hit by the dynamically changing situation. Ontario Lottery and Gaming Corporation closed its brick-and-mortar casinos mid-March and ever since then it has been relying on online gaming revenue and ticket sales where possible. Now provincial officials want to show their support.

Government Loans Money

This could happen with the extension of a line of credit amounting to some CA$500 million. The amount was estimated to cover the negative effect the lockdown has had on the Crown corporation and its normal operation. With the help of this loan, Ontario Lottery and Gaming Corporation is projected to take care of its operational costs over the past eleven weeks.

Along with that, the amount is also expected to take care of the contractual obligations that are still in place despite the constantly changing situation in the gaming world and across the province. It should be taken into account that Ontario is currently in the process of reopening some businesses. The first stage commenced last week and it greenlighted all construction projects. Retail locations outside of shopping malls were also opened.

The second phase is going to include the opening of more community and outdoor spaces for the people to enjoy in the summer months. In addition to that, larger public gatherings might also be greenlighted if the first phase proves to be a success. The last phase of this reopening plan includes sporting events, as well as the brick-and-mortar casino venues.

What’s to Come

This could happen in the summer months of this year, provided that each of the stages takes up to four weeks. The CA$500 million is expected to also ease up the reopening process for Ontario Lottery and Gaming Corporation, as this would be a gradual process. The government confirmed that the line of credit is a feasible goal for the Crown corporation to repay once normal operation commences.

Ontario Lottery and Gaming Corporation is still evaluating the most appropriate time to reopen its casino venues. In the meantime, lottery gaming and online gaming products are among the popular pastime activities for many individuals residing in Ontario. As many local businesses commence their opening process, its Prize Center remains closed for lottery winners.

However, the lucky individuals that have won a prize could still receive it in the mail, if it is below CA$50,000. is able to meet players’ expectations and offer them a chance to purchase their lottery tickets for both draw-based and instant games. As a result, Lotto MAX and Lotto 6/49 have seen an increase in ticket sales.