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WEG's Eaves On OLG Announcement

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Published: March 13, 2012 4:11 pm ET

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The Woodbine Entertainment Group (WEG) has issued the following statement from its president and CEO, Nick Eaves, based on the Ontario government's announcement to cancel the Slots-at-Racetracks Program.


STATEMENT FROM NICK EAVES, PRESIDENT AND CEO
WOODBINE ENTERTAINMENT GROUP

The announcement by the government to cancel the Slots at Racetracks Program has immediate implications and raises serious concerns about the future of the horse racing and breeding in Ontario. At the same time, Woodbine Entertainment Group (WEG) also recognizes the longer term opportunities being presented by OLG's modernization strategy.

Given the success of our long-term partnership, WEG is committed to immediately commencing work with the government and the OLG to develop a mutually beneficial long-term plan. A plan that will best serve the customer, the government's revenue objectives and our Company's mandate to maximize financial performance in order to achieve the highest quality of horse racing.

WEG has long held the position that Woodbine is the logical location for a casino in the Greater Toronto Area. Clearly there is significant gaming customer interest at Woodbine Racetrack, with over 6 million visitors annually. Similarly, Mohawk, with its 1 million visitors annually, provides a unique opportunity being located in Milton, which has been the fastest growing municipality in Canada for the last 10 years.

(WEG)


In an effort to consolidate comments, please post commentary on the announcement note: OLG, Liberals Green Light Plan To End Slots At Racetracks Partnership


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