An agreement has been reached between Pickering and Durham Region, which will see the city share some of its casino gaming revenue to help Durham fund social housing projects.
Billed as the first deal of its kind in Ontario, Pickering will split revenue in half with the region once it has reached the $10m threshold, with funds capped at $8m per year.
The agreement dates back to Jan. 1, 2023, and is set to conclude in 2026.
Kevin Ashe, Mayor of Pickering, commented: “The City of Pickering has made a remarkable commitment with this historic revenue sharing agreement. As a recognized municipal leader, we are taking a proactive step towards building a stronger, more equitable community for all, by sharing our casino gaming revenues with the Region of Durham.
“Together, we can make a meaningful impact on the lives of those in need and create a brighter future for residents across our region.”
According to the latest estimates, Pickering receives $16m in annual revenue from the casino, a sum that would see Durham Region collect $3m per year.
Since Pickering Casino Resort opened its doors in July 2021, the Ontario Lottery and Gaming Corporation (OLG) has awarded more than $20.2m in non-tax gaming revenue for hosting rights.
“The Region of Durham and City of Pickering have entered into an exciting partnership to share revenue generated by the Pickering casino,” added Regional Chair John Henry.
“This new opportunity will provide exceptional value to Durham taxpayers. It’s a partnership designed to offer responsive, effective, and fiscally sustainable service delivery; focused on the delivery of exceptional quality services and value.”