There are reports that the National Lotteries Authority (NLA) Grenada and Canadian Bank Note Company have signed an agreement guaranteeing support to sports, culture and nation-building.
This, on the basis of a re-negotiation of a contract between the two parties, expected
REPORT:
The terms of the agreement, according to a release from the NLA, are significantly updated.
Under the new agreement, the total contract extension fee has been set at 15.1 million dollars, up from 1.5 million.
Both parties are also said to have agreed on what they consider to be a fair and equitable profit-sharing ratio for the Video Lottery Terminal (VLT) operations…a 50-50 split ensuring a balanced distribution of earnings.
The re-negotiated agreement ensures a contracted period of less than 20 years, with an expiration date set for 2040.
Government Minister, Ron Redhead, under whose portfolio the NLA falls, is delighted over the new agreement indicating that the updated provisions are in line with the current administration’s stipulated “vision of fairness, transparency, and delivering maximum value for the Authority and the Government.
