LONDON, Ont. -- The city is expected cash in an extra $600,000 in a new deal over the Western Fair slots, but the Ontario government will walk away with almost $100 million.
"It's still money being spent by the people of London (on slots) and being taken away," said Coun. Harold Usher, council's sole member on Western Fair's board of governors.
The province doesn't spell out its take in a report that goes Monday to the city's lnvestment and Economic Prosperity Committee. But it appears from the funding's formula and the city's stake that the Ontario Lottery and Gaming Corporation expect about $100 million in revenue, with the city getting $4.6 million in the current fiscal year that ends next March.
"There are two sides of the story," Usher said. "It's nice to have a little bit more but somebody will walk away with a whole lot more."
The bigger stake comes after Ontario stopped subsidizing horse racing, cutting off slots revenue that in 2011-12 delivered $345 million to Ontario's 17 racetracks and replacing that with the much more modest revenue raised by horse racing itself.
Those in the industry fear the change will be crippling.