TORONTO--(BUSINESS WIRE)--Casino firm, Lucky Nugget, has announced that plans are afoot to build a new casino resort complex in the Greater Toronto Area. The chair of the Ontario Lottery and Gaming Corporation, Paul Godfrey, has unveiled plans for a new casino development in the GTA, which he anticipates will create thousands of new jobs and attract $3 billion in private investment.
The location of the new casino is yet to be decided, but the CNE, Ontario Place, the Portlands, and Woodbine Racetrack are all said to be under consideration.
“We are prepared to move forward immediately on discussions with municipal leaders to bring one new, world-class gaming centre to the GTA,” Godfrey said. “It will create jobs and be a catalyst for economic growth and prosperity. It will generate new revenue and be crucial for tourism.”
The Mayor of Toronto, Rob Ford, and his brother Councilor Doug Ford are very much behind the plans, and have speculated that the money raised by it could help to pay for an expansion of Toronto’s transit system. In the interim, balancing Ontario’s $16 billion deficit remains a higher priority, and it is believed that an overhaul of the state gaming corporation will help towards this end.
The review has called for a range of measures intended to prop up the agency and help to reduce the deficit. These include plans to close underperforming casinos and build new ones with private money. Ontario Finance Minister Dwight Duncan believes that the changes could relieve the deficit by up to $1.3 billion. At present, it is not clear which other cities might get a new casino development, although Godfrey has hinted that Ottawa is a possibility.
It also proposes the expansion of slot machines beyond racetracks, and the end of a revenue-sharing agreement with the racetracks that gives them a cut of the slot machine profits. A new online casino will also be introduced as part of the plans, although this was announced previously.
OLG CEO Rod Philips has said that the strategy could create 2,300 net new jobs within the gaming industry, and up to 4,000 further spin-off jobs in the service and hospitality sectors.