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Post by Puckschmuck on Nov 7, 2010 16:07:19 GMT -5
Found this post on another Winnipeg forum. Can anyone confirm this?
"What I am saying is that if the MTS Centre had the ability to be built with a vast majority of private funds, then so can the new stadium. It's not an impossible task."
'Edwin, you are mistaken, The MTS Center was paid for and continues to be paid for by Taxpayers.The 50 million dollar "private " loan is secured by a gauranteed VLT disbursement from the government. Those same machines were at one time collecting money elsewhere and went directly into government coffers rather than a Credit Unit loan repayment scheme. ( See asper and polo park taxes ).
There was a fine piece of investigative reporting on this awhile back. Will try and dig it up. From what was reported, less than 10 Million was "private money".'
Can anyone confirm this?
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Post by astrosnut5 on Nov 7, 2010 16:22:51 GMT -5
There was a small government loan that has been paid back for some time now. $50m sounds about right, from what I can recall.
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Post by The Unknown Poster on Nov 7, 2010 17:20:14 GMT -5
VLT revenue doesn't go "directly into government coffers". A percentage is paid to the venue that houses them.
IIRC, the MTSC was given a deal whereby they'd get to keep a larger percentage of the revenue, not all of it. And certainly the success of the MTSC generates increased usage and thus revenue from the VLTS and thus contribute to more of that money going into the government coffers.
The government does not take high revenue machines away from venues to give to others. They don't create any new machines so when a new business opens or an existing business requires more machines, they take the lowest revenue machines.
For example, a hotel I work at added a few more machines recently. They have long been among the top revenue-per-machine producers in the province so once they added a new lisence, the Lotteries Corp had no problem giving them a few more.
So in our case they would have taken one machine from each of the four lowest producing venues.
So it's dishonest to say they took VLTs that generated revenue for the government and gave them to MTSC. It just doesn't work that way.
Plus, the NDP government announced years ago that any contributions they made to MTS was paid back and then some through taxation that did not exist before the investment.
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Post by jhendrix70 on Nov 7, 2010 17:58:19 GMT -5
Project FundingThe MTS Centre will cost $133.5 million. The MTS Centre Project group will contribute about 70% of this or $93 million.The Government of Canada, The Province of Manitoba and the City of Winnipeg will contribute about 30% or $40.5 million. For every two private-sector dollars, there will be less than one dollar of public-sector investment. As part of the business plan, the MTS Centre Project Group will own and operate the new entertainment centre and the Manitoba Moose. www.mtscentre.ca/overview/
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