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Ontario offers loan of up to $500M to lottery and gaming corporation
A lotto Max ticket is shown in Toronto on Monday Feb. 26, 2018. THE CANADIAN PRESS
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.
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.
She says OLG will remain in contact with public health officials to determine when it is safe for its facilities to reopen.
This report by The Canadian Press was first published May 25, 2020.