Casino Rama Funding First Nations
Couchiching First Nation will receive more than $1 million as its share of the revenue generated by Casino Rama in Orillia. “We’re not in receipt of it yet but it’s going to be around $1.2 million and then quarterly payments,” Chief Chuck McPherson said. The Chippewas of Rama First Nation (Rama) has been known as ‘the gathering place’, where travellers journeyed to trade, to seek counsel or medicines, and attend great meetings. Today, it is home to Casino Rama, a tourism attraction that brings thousands of visitors to the area daily for gaming, shows, conventions, shopping and fine dining. One popular casino chain is making a comeback as Casino Rama announced that it’s close to reopening its doors, according to Rama First Nation. About 500 of Casino Rama's 3,000 employees are aboriginal, making it the largest single-site employer of First Nations in the country. It is the only commercial gambling operation in Ontario.
- Casino Rama Funding First Nations Credit Union
- Casino Rama Funding First Nations Bank
- Casino Rama Funding First Nations Of America
Ontario Lottery and Gaming has reached a 20-year agreement with Rama First Nation to keep operating a casino on native land north of Orillia.
The deal between the Chippewas of Mnjikaning and the provincial agency will take effect Aug. 1, 2011, the same time that a new $3-billion revenue sharing deal with Ontario First Nations kicks in.
The new agreement also includes additional financial benefits and one-time funding of $2.3 million for a new training and development centre in Rama, home to about 1,500 residents.
Casino Rama Funding First Nations Credit Union
The Ontario government takes a 20-per-cent cut of gross revenues from all its casinos, but 133 Ontario First Nations divide up the net profit from Casino Rama.
The Chippewas of Mnjikaning had been fighting to keep 35 per cent of the Rama profit for themselves for hosting the casino, but the Ontario Court of Appeal rejected their claim last Friday.
Casino Rama Funding First Nations Bank
The Chiefs of Ontario agreed in 2008 to give up altogether their rights to the casino's revenues in exchange for $201 million and a 1.7-per-cent cut of all provincial gaming revenues starting in 2011.
Casino Rama has had more than $5.2 billion in gross revenues, and profits of about $500 million, since it opened in 1996.