The City of North Bay has received its first quarterly payment of gaming revenue associated with Cascades Casino.
A check for $111,000 was presented to Mayor Al McDonald during Thursday’s grand opening and inauguration at the gaming and entertainment facility.
Tony Bitonti, director of media relations for OLG, explains that the payment covers the period from the soft opening of the casino on March 9 until March 31.
“The casino opened on March 9, the quarter ended on March 31, so we are counting those 23 days. $111,134 is a fantastic amount of money that goes directly to the community and they’re going to do with that money what they want to do,” he says.
Mayor McDonald says it won’t be this council that decides what the money will be spent on.
“We expect to receive between one and two million dollars each year. We need to develop a policy on where this money will be spent so what we are going to do is put this money in a reserve and the next council will set this policy on how they want to invest the money in the future he says. .
McDonald’s says Cascades Casino and the North Bay Battalion are the city’s only two revenue-sharing partners.
In addition to providing the municipality with gaming revenue, the local casino employs over 200 people.