Property Group Rolls out Toronto Casino Proposal
Toronto city councillors were presented with a new proposal, which would see the overhaul of the Metro Toronto Convention Center to the tune of $3 billion if the proposal is accepted.
Oxford Properties Group rolled out the proposal which includes hotels, an urban park, office towers and a casino. The group said that the casino itself would generate around $50 million in property tax revenue, over and above the millions which the city is set to make from profit-sharing revenues.
Oxford stressed however, that the project, if accepted by councillors, would not be viable unless the casino part was included.
"The casino allows us to privately fund the new convention center and all the new public amenities that this project includes," said the executive vice president of Oxford Properties, Michael Kitt.
"If the casino disappears, it's back to the drawing board for us," he warned.
Gambling Groups Give Proposal Thumbs Up
The plans for the new $3 billion Toronto resort were viewed by Caesars and MGM, who have expressed a keen interest in building such a resort in downtown Toronto.
Both groups are floating with the idea to construct an "integrated resort" which would straddle Lake Shore Boulevard and would have clearly marked areas for family and adult fun.
While officials with both Caesars and MGM have been forbidden to publically discuss their groups' plans in Toronto, it is understood that they gave their thumbs up to the Toronto casino proposal introduced by Oxford Properties.
The plan introduced by Oxford includes a 2.2 hectare park over the railway tracks in downtown Toronto, which would be lined with shops and cafes, as well as three floors of retail destinations. The resort will also include convention centers, ballrooms and office towers, some of them with residential units.
Some Toronto Officials Unsure of New Casino
However, despite the attractive proposal, councillors are still grappling with the idea of allowing a casino in downtown Toronto.
Many question the wisdom of bringing in what they believe are temptations for problem gamblers, and are simply asking whether the whole idea is worth it.
Toronto has been chosen as one of five sites given permission for a new gaming facility by the Ontario Lottery and Gaming Corp, if it so wants. However, no city or town will be forced to accept the idea.
The Ontario government hopes to generate an extra $1.3 billion in gambling revenue through new casino sites, and has touted Toronto as a preferred destination.
