NEWS
 
WATCH: Auditor releases scathing report on OLG modernization
Bonnie Lysyk says profits, jobs were over-stated
7 0

The province's Auditor General is slamming the Liberal government, not only calling the OLG expansion plan "overly optimistic" but also revealing changes made to horse-racing slot revenues is significantly impacting that industry.

Bonnie Lysyk says the plan isn't expected to raise as much money as planned.

She tabled her report on OLG modernization at Queen's Park on Monday afternoon.

Lysyk says the OLG crafted its modernization plan without consulting municipalities and the horse racing industry enough.

She goes on to say the plan to downsize, privatize and restructure within 18 months was "overly ambitious."

The auditor found profit projections were "best-case scenario," with expectations the government would raise $4.6 billion between 2013-2018 through gaming. That number was recently cut in half to $2.2 billion. However, Lysyk estimates profits could be even less than that.

She says profit estimates were significantly lowered when both Toronto and Ottawa rejected the idea of new casinos.

Lysyk reveals jobs related to the gaming industry were also overstated and many linked to new casino projects. She says there will likely be a loss of gaming jobs in the province.

Lysyk underlines the province knew changes to the horse-racing slots program would hurt the industry but went ahead with it. Only when they received pushback, did they offer support.

The modernization plan was crafted under Premier Dalton McGuinty and has been changed now that Kathleen Wynne has taken over.

Categories:

DON'T MISS

TED RADIO HOUR

Welcome to TED Radio Hour hosted by Guy Raz, Saturdays at 6pm and Sundays at 7pm

 
7 0

The province's Auditor General is slamming the Liberal government, not only calling the OLG expansion plan "overly optimistic" but also revealing changes made to horse-racing slot revenues is significantly impacting that industry.

Bonnie Lysyk says the plan isn't expected to raise as much money as planned.

She tabled her report on OLG modernization at Queen's Park on Monday afternoon.

Lysyk says the OLG crafted its modernization plan without consulting municipalities and the horse racing industry enough.

She goes on to say the plan to downsize, privatize and restructure within 18 months was "overly ambitious."

The auditor found profit projections were "best-case scenario," with expectations the government would raise $4.6 billion between 2013-2018 through gaming. That number was recently cut in half to $2.2 billion. However, Lysyk estimates profits could be even less than that.

She says profit estimates were significantly lowered when both Toronto and Ottawa rejected the idea of new casinos.

Lysyk reveals jobs related to the gaming industry were also overstated and many linked to new casino projects. She says there will likely be a loss of gaming jobs in the province.

Lysyk underlines the province knew changes to the horse-racing slots program would hurt the industry but went ahead with it. Only when they received pushback, did they offer support.

The modernization plan was crafted under Premier Dalton McGuinty and has been changed now that Kathleen Wynne has taken over.

Top stories

Matthew expected to reach eastern part of Jamaica on Monday