TORONTO, ONTARIO–(Marketwire – May 4, 2012) - Baymount Incorporated (“Baymount” or the “Company”) (TSX VENTURE:BYM), through its wholly-owned subsidiary Belleville Racetrack Development Corporation (“BRDC”), has received a formal notice of termination of its Site Holder Agreement (originally executed on October 23, 2006) with the Ontario Lottery and Gaming Corporation (“OLG”). The Government of Ontario and the OLG recently announced a significant change to the provincial gaming policy with the planned elimination of the “Slots-at-Racetracks” program. This change is part of a larger modernization plan for lottery and gaming in the province of Ontario. As such, the OLG has terminated the Site Holder Agreement with BRDC effective immediately. The Company and OLG have agreed to meet to discuss the relevant financial considerations pursuant to the Site Holder Agreement.

Originally posted here: Baymount Provides Corporate Update