MGM Resorts Planning Casino in Toronto Canada
MGM Resorts International has announced a partnership deal with Canadian real estate developer, Cadillac Fairview Corporation Ltd that will give them a chance to bid on, build and operate a hotel-casino in Toronto, Canada.
According to Jim Murren, Chairman of MGM Resorts, the Las Vegas-based casino company will obtain extensive advice in Canadian development from the experienced real estate firm, as part of the 50/50 joint venture for the proposed Toronto casino.
This is the developer's first foray into the gambling industry, despite the fact that they are one of the largest landlords in the country. They currently primarily own bank towers and shopping centers. The hotel-casino complex is planned for the downtown Toronto area.
"In Cadillac Fairview we are partnering with the industry leader in developing high quality properties across North America and a company with whom we share a common vision for the development of an iconic integrated resort in Toronto," commented Murren.
Ontario Lottery Corp Selects Toronto
A number of companies have been looking into the possibility of developing a casino in Toronto. Toronto has been selected by the Ontario Lottery Corp. as the location for the casino. MGM Resorts, with Las Vegas Sand Corp. and Caesars Entertainment Corp have been looking into options.
"The City of Toronto staff report has identified how such a project will create thousands of jobs, contribute much-needed revenue to the city and provide Toronto with an iconic landmark to attract millions of tourists," stated John Sullivan, Chief Executive Officer of Cadillac Fairview.
The preliminary designed for the project submitted by MGM Resorts include dining facilities, as well as a permanent attraction of Cirque de Soleil. A partnership with a restaurateur in Toronto will work to design plans for the resort.
Former Mayors Advise Against Casino Plans
Three former Toronto mayors advised councilors and the current mayor that a Toronto casino would not further the interests of the city. Kathleen Wynne, Premier-designate said, "I'm not a fan of casinos. I'm not a fan of gambling." She continued that each municipality has the responsibility to determine for themselves if a casino would be in their best interests.
Mayor Rob Ford countered this view by saying, "I completely disagree with [the former mayors]. If a casino can bring in 10,000 good-paying jobs like they are saying it can and bring in $150-$200 million, I'm definitely going to support it and I can't see why any other council member couldn't support it. That's a win-win for everyone."
