Toronto Wants More Slot Machine Revenue

The City of Toronto has decided that they are not getting enough of the revenue that is coming from the slot machines at Woodbine racetrack. They say that they are currently getting less than what is due them, and want the track to turn over a higher percentage of slot machine revenue to the city.

The province says that the city is out of luck and that the additional 10% that they are requesting from the slot machines is just not going to happen. The city currently gets $14.5 million a year from the 1,950 slot machines at the track. They get 5% of the gross from the first 450 slot machines and 2% of the remainder. Now they want the same percentage that the track owner and the horse breeders get which is 10% across the board.

They have asked before for a better deal than they are currently getting, but every time they ask they are turned down. The province says that this new request is simply out of order and that it just will not happen. They are sending off a new report to the province stating that the amount of money that the slot machines are bringing in is much higher than originally factored, and they want their fair share.

They say that negotiations have not been going well and they think that this new report will show the province exactly why they need more money and why they should get it. All of the municipalities currently get the same amount of the slot machine revenue, and they are permitted to use it however they want.

The track says that not only do they give them a healthy chunk of the slot machine profits, but they also employ 700 workers who have earned $211 million since the track opened eight years ago. However, Toronto says that it isn’t enough, and they want more.

 

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