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Coronavirus: Ontario offers loan of up to $500M to lottery and gaming corporation

A convince store owner hands OLG 649 and Lotto Max tickets at his store during the COVID-19 pandemic in Mississauga, Ont., on Monday, May 25, 2020. Premier Doug Ford's government gives $500M loan to Ontario Lottery and Gaming.
A convince store owner hands OLG 649 and Lotto Max tickets at his store during the COVID-19 pandemic in Mississauga, Ont., on Monday, May 25, 2020. Premier Doug Ford's government gives $500M loan to Ontario Lottery and Gaming. THE CANADIAN PRESS/Nathan Denette

TORONTO – Ontario is extending a line of credit of up to $500 million to its lottery and gaming agency.

The province says the loan will temporarily support the Ontario Lottery and Gaming Corporation’s operational costs during the COVID-19 pandemic.

The loan will also help OLG meet its contractual obligations over the short term as its operations remain closed.

READ MORE: Coronavirus: Ontario Lottery and Gaming closes lotto centre, only prizes up to $10K might be redeemed

The government says the loan will ensure the OLG’s casino operations can quickly resume after shutdown orders lift in order to generate revenue for the province.

A spokeswoman for the province’s finance minister says the government is confident OLG will be able to repay the line of credit once emergency orders loosen.

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She says OLG will remain in contact with public health officials to determine when it is safe for its facilities to reopen.