News Release Archive
FINANCE--CRITERIA PROPOSED FOR ALLOCATION OF CASINO PROCEEDS ------------------------------------------------------------ The Nova Scotia Gaming Corporation has drafted criteria and an evaluation process to determine how proceeds from the Sydney casino will be allocated to charitable organizations. The corporation is seeking public input on the proposed criteria and process. Finance Minister Bernie Boudreau, who is also responsible for the Gaming Corporation, tabled a report in the legislature today that details the corporation's proposals. The report is available at the Nova Scotia Government Bookstore (toll-free, 1-800-526-6575) and will be available at regional libraries across the province later this week. The Gaming Corporation is accepting submissions and suggestions about the criteria and process until Jan. 31, after which it will finalize its report and recommendations to cabinet. Half of the proceeds from the ITT Sheraton Casino in Sydney will be distributed to charitable organizations in the province. The other half will be divided among Mi'kmaq bands. The draft criteria limit eligibility to registered charities operated by a volunteer board and located in Nova Scotia. Any proceeds charities obtain from the casino would be directed to specific projects in Nova Scotia. Opened in August, the Sydney casino is developing its market, said Gaming Corporation chairman Ralph Fiske. "It's too early to say when profits will flow from the Sydney operation. But, it's prudent to put the criteria and process in place now, so charitable organizations know the rules before any revenue-sharing begins." In its proposal to build the Nova Scotia casinos, ITT Sheraton estimated that profits from the Sydney operation could eventually reach $4 million a year. The Sydney casino was built at a cost to ITT Sheraton of $25.7 million. There is no public investment in the construction or operation of the Sydney or Halifax casinos. The province is guaranteed $100 million in revenue from the casinos over their first four years in operation. The first $25 million installment on that guarantee was paid by ITT Sheraton earlier this year. -30- Contact: Ralph Fiske 902-424-2203 trp Nov. 20, 1995