OLG Receives $500M Loan From Province

Published: May 25, 2020 04:50 pm EDT

Multiple reports on Monday, May 25 have stated that the Province of Ontario has issued a $500-million loan to the Ontario Lottery and Gaming Corp. to help cover costs and financial obligations during the COVID-19 pandemic.

The fiscal measure has been needed after the OLG was forced to close its brick and mortar gaming locations due to the pandemic.

The office of Ontario Finance Minister Rod Phillips has stated that the Ontario Financing Authority “is providing OLG with a line of credit to temporarily support OLG’s operational costs and help meet its contractual obligations over the short term.”

An excerpt from the statement also explains that “The government is confident that OLG will be able to repay its line of credit once the government loosens emergency measures and it is safe and responsible to reopen gaming sites. OLG will remain in contact with public health authorities to determine when it is safe for its facilities to reopen.”

(With files from CTV News and The Record)

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