The new facility would allow a maximum of 2,000 slot machines and 600 seats for table games which may also include poker games.
The OLG would take all the revenue from the casino and pay the operator about $30 million per year plus a percentage of incremental revenues if base revenues surpass a certain amount.
There are already two casinos in the area, one on the Ontario side at the Rideau-Carleton Raceway and the other across the river, the Casino du Lac Leamay in Gatineau, Quebec operated by Loto-Quebec.
The duration of the contract would be for 20-years and would also include options to extend for one decade at a time.
The application deadline is March 7, 2013 and the OLG would like to choose the winning bidder by the end of next year.