In the first nine months of 2020 as the COVID-19 catastrophe unfolded across Ontario, the three largest publicly traded long-term-care operators in the province made huge payouts to investors while taking millions in government funds, data shows.
A Star analysis of the financial statements of Extendicare, Sienna Senior Living and Chartwell Retirement Residences shows that in the first three quarters of 2020 (ending Sept. 30), these for-profit companies collectively paid out nearly $171 million to shareholders at the same time they received $138.5 million through provincial pandemic pay for front-line workers, the Canada Emergency Wage Subsidy (CEWS) program or other pandemic funding.
