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Friday, December 29, 2017

Hanover Raking In Slot Money.

Hanover | by Robyn Garvey  

2017 was a good year for revenue from the Slots at Hanover Raceway.

The year is not yet over, but based on projections it looks like Hanover will receive almost 1.2 million dollars in OLG Slot revenue.

This is 122 thousand dollars more than budgeted.

Director of Corporate Services Christine Walker says Hanover makes very good use of its OLG Slot funding.

She says over the years the Town has used the funds to finance large capital projects which in turn has helped stabilize the tax rate.

Of the 1.2 million generated in slot revenue this year, 100 thousand will go into the Investing in Hanover Fund.

This reserve fund is used for future development projects.

Since the Hanover OLG Slot Facility opened its doors in February of 2001, Hanover has received 15 million 878 thousand dollars in OLG funding.

The money has financed a number of worthy projects including the Hanover Medical Centre, the Heritage Square Park and various roads, sewer and development projects.

Hanover hopes 2018 will be just as lucrative in OLG funding revenue.

Over the last 17 years the Hanover Slots has served as the Town’s goose that lays the golden egg.

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