New Ontario Lottery Gaming Corp Head Chosen
The Ontario government has chosen a new chair of the Ontario Lottery and Gaming Corporation.
Philip Olsson currently serves as the chair of the Liquor Control Board of Ontario (LCBO), and he will now move into the position of chair of the OLG.
As such, the Minister of Finance also had to nominate a new chair for the LCBO and has chosen Edward Waitzer for the role.
Besides being outgoing chair of the LCBO, Olsson is also a partner with the privately held investment firm, KJ Harrison and Partners.
In addition, the new OLG chair is chairman of Connaught Oil and Gas Ltd, a private energy exploitation firm.
New Liquor Control Board of Ontario Chair
The new chair of the Liquor Control Board of Ontario, Edward Waitzer, is a professor and the Jarislowky Dimma Mooney Chair in Corporate Governance, as well as Director for the Hennick Centre for Business and Law at York University.
He has also been chairman of the Ontario Securities Commission in the past.
Waitzer will lead the LCBO's board of directors as the agency continues to make a significant contribution to Ontario's economy.
Ontario's Minister of Finance, Charles Soussa said about the nominations: "Mr. Olsson and Mr. Waitzer each bring a wealth of experience and proven track records as two of Canada's top business leaders. Their guidance and oversight would help ensure that OLG and LCBO continue to be run efficiently and are positioned for long-term success."
$2.02 Billion in Ontario Lottery Revenues
The Ontario government predicts that just over $2.02 billion in net revenues will be reaped from lotteries, OLG operated casinos and slot facilities at provincial track in 2013-2014.
This money will help support provincial objectives, including hospitals, amateur athletes and more.
The Liquor Control Board contributed over $1.7 billion to the government to support schools, roads and other projects.
Since the middle of May, an interim board (comprising senior level officials from the public service) has been chairing the Ontario Lottery and Gaming Corporation.
The new nominations for Olsson as new chair of the OLG and Waitzer as new chair of the LCBO, still need to be approved by the Standing Committee on Government Agencies, although it is believed that this should not be a hurdle in their appointment.
