TORONTO - In a noon time speech to the Economic Club of Canada, Finance Minister Dwight Duncan announced the government will sell off highly valuable LCBO real estate and look at eliminating a subsidy for horse racing in Ontario.
The LCBO warehouse along the Queen's Quay in Toronto was built in 1954 and Duncan says selling the property and redeveloping the head office, warehouse and retail store will raise $200 million for the province. A retail store will remain part of any redevelopment says Duncan.
Under review by the government is an annual subsidy of $345 million for horse racing. The money comes from OLG slots and is often used to sweeten the purse for races. A ministry spokesperson says most of that money ends up leaving the province anyway, so the government is considering chopping it in the budget this March.
Ontario is facing a $16 billion dollar deficit.
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