Cadillac Fairview Corp and MGM Resorts International are very near to building its casino in Toronto after the mayor's executive committee voted in favor of allowing gambling in the biggest city in Canada.
The executive committee of Mayor Rob Ford aproved the casino application so long as 43 specific conditions are complied with by the operators. These include providing funding for social programs related to gambling and financial benefits for public transit purposes.
Cadillac Fairview is owned by the Ontario Teacher's Pension Plan and the Ontario Municipal Employee's Retirement System's Oxford Properties Group Inc together with MGM have submitted proposals to build the casino. With the executive committee approval, the matter goes to the full city council to be voted upon by all of its 44 members.
According to Oxford Properties, Las Vegas casino operators have expressed interest in the Can$3 billion or US$3.1 billion casino build proposal. Amongst them is Caesars Entertainment Corp, Las Vegas Sands Corp and MGM have worked together with Oxford in drafting the proposal according to Oxford CEO Blake Hutcheson.
Join the Conversation