Operator News
Canada – Caesars, Genting and Brookfield in the running for Toronto casinos
By Phil - 24 July 2017
Ontario is closing in on choosing an operator to run its $1bn earning gambling operations in the Greater Toronto Area, including running casinos at Toronto’s Woodbine racetrack, Ajax Downs and the Great Blue Heron Casino in Port Perry.
The Ontario Lottery and Gaming Corp. is now just weeks away from confirming who will operate its casino in Toronto for the next 22 years. Three companies have made it through to the final round; Caesars Entertainment, Genting Group and Canadian company Brookfield Asset Management.
The privatisation would allow the three sites to be redesigned as fully-fledged casinos and add a fourth casino to be built.
OLG says that the winning company will earn a minimum of $72m annually for the 22 years of the deal, as well as up to 70 per cent of gambling revenue.
OLG spokeswoman Allison MacNeil said: “Part of that process involves undergoing an extensive due-diligence process into current and past business conduct examines a gaming operator’s ability to act in accordance with the law, with integrity, honesty and in the public interest.”
As it looked to stem revenue declines, the OLG sold nearly half its casinos and slot machines to the private sector over the past two years.
In Toronto, the Woodbine racetrack, located close to the Toronto Pearson International Airport is seen as being the jewel in the crown.
Woodbine spokesman John Siscos said: “The OLG’s modernization plan is the catalyst for Woodbine Entertainment to unlock the value of the Woodbine lands to sustain horse racing on our 680-acre site and bring real economic development to Rexdale.”
