Durham Region is set to receive a major boost following a recent agreement with Pickering city. The city has agreed to share the revenue generated from its newly inaugurated Pickering Casino Resort, which has already provided Pickering with over $20 million in revenue since it opened its doors this year. Under the agreement, Durham Region will receive 50% of the revenue generated after the first $10 million, up to a maximum of $6 million. Pickering also receives a percentage of the revenue generated from electronic and live table games.
The allocation of funds is conditional on Durham Region providing an annual report on how the money is spent. The stipulation is that the funds should be allocated towards social services and affordable housing as opposed to infrastructure needs. Any misuse of the funds could trigger rescission of the agreement.
The agreement by Pickering to share its revenues voluntarily is a landmark move among cities in the province. While some councillors in Pickering requested additional clauses to ensure accountability, the move is a welcome development for Durham Region, which stands to benefit significantly from the initiative. In sports terms, it could be likened to a successful partnership between two teams, with each team coming away with a win. The agreement generates revenue for Pickering while Durham Region benefits from a share of the income and can then use these funds to support its communities. A win-win situation!