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OLG achieves $6.7 billion in revenues, $2 billion in profits
The Ontario Lottery and Gaming Corporation has reported revenues of $6.7 billion for the 2010-2011 fiscal year, resulting in a $2.068 billion profit - the largest take for the province since 2003.
In a recent press conference, OLG chair Paul Godfrey said this level of contribution was “unique among provincial agencies, boards, and commissions”, and that proceeds would be going towards provincial schools, charities, amateur sports and culture.
OLG's new president, Rod Phillips, was also on hand to congratulate the agency's staff for contributing to the successful year, saying, “Management and employees set clear targets for providing measurable improvements to our business (and) they . . . exceeded them.”
During the presser, Phillips fielded questions as to the OLG's adherence to Finance Minister Dwight Duncan’s request that provincial agencies find a total of $200 million in savings, telling media the agency would find $100 by 2014.
As per Duncan's further request to freeze public service salaries by forgoing pay raises, Godfrey said the OLG would be doing just that, however it still intends to pay out $11.6 million in one-time bonuses to an estimated 6,000 OLG staffers. Godfrey defended the payout, maintaining, “It’s not a bonus, it’s paid for performance,” reminding media the OLG was one of Canada's most profitable businesses.
Source: The Toronto Star
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