The announcement by the government to cancel the Slots and Racetracks Program has immediate implications and raises serious concerns about the future of horse racing and breeding in Ontario. At the same time, Woodbine Entertainment Group (WEG) also recognizes the longer term opportunities presented by OLG’s modernization strategy.

Given the success of our long-term partnership, WEG is committed to immediately commencing work with the government and the OLG to develop a mutually beneficial long-term plan. A plan that will best serve the customer, the government’s revenue objectives and our Company’s mandate to maximize financial performance in order to achieve the highest quality of horse racing.

WEG has long held the position that Woodbine is the logical location for a casino in the Greater Toronto Area. Clearly, there is significant gaming customer interest at Woodbine Racetrack, with more 6 million visitors annually. Similarly, Mohawk, with its 1 million visitors annually, provides a unique opportunity being located in Milton, which has been the fastest growing municipality in Canada for the 10 years.