It looks like Durham Region is hitting the jackpot after a tentative agreement with the city of Pickering.
In a memorandum of understanding, Pickering has agreed to share parts of the revenue from its newly opened Pickering Casino Resort.
As the host city, Pickering has received more than $20 million in revenue since the casino opened in 2021. Now it has come to an agreement to share 50 per cent of revenue after the first $10 million, with a cap of $6 million. The city receives roughly 5.25 per cent of the first $65 million in electronic games revenue, along with four per cent of live table games revenue.
The region will have to report to the city annually on how the money is being spent. The caveat is that the money should go toward addressing issues such as social services and affordable housing, as opposed to infrastructure needs.
In Pickering’s executive committee meeting, councillors suggested including a clause the agreement could be rescinded if the region doesn’t use funds for the agreed issues.
Council also requested that the chief administrative officer explore the incorporation of clauses into the agreement that would provide the City with the opportunity to review the agreement after the first year, and terminate the agreement should Council not be satisfied with the Region’s use of the funds.
City officials with Pickering say it is the only municipality in the province that has volunteered to share its revenues.