Cadillac Fairview and MGM Team Up to Bid for Casino in Toronto
Cadillac Fairview Corp. and MGM Resorts International are teaming up in efforts to build a multimillion-dollar casino in Toronto.
The Toronto based owner of commercial real estate Cadillac Fairview and the Las Vegas casino giant MGM announced on Thursday, that they have entered into an agreement to form a 50/50 joint venture with the purpose of bidding for, developing and operating a destination-style, integrated resort complex within the Greater Toronto Area.
The project will include entertainment, gaming, hotel, retail and conference facilities.
Highlights include a permanent Toronto Cirque Du Soleil venue as well as a partnership with noted Toronto restaurateur Mark McEwan to develop new dining concepts for the integrated resort.
"Cadillac Fairview recognizes the enormous benefits that can accrue to the city of Toronto from an integrated resort and we're proud to partner with MGM Resorts to develop this exciting project," said John Sullivan, President and CEO of Cadillac Fairview, in a written statement.
"We look forward to working with city officials and community stakeholders in support of Council's decision on the optimal site for an integrated resort, and to maximize its benefits to the city through a fair and competitive process."
Sullivan says the project will create thousands of jobs, contribute much-needed revenue to the city and provide an iconic landmark to attract millions of tourists.
MGM Resorts Chairman and CEO Jim Murren who was in the city last week to pitch his idea for a casino welcomed the partnership.
"From the start MGM sought to partner with a Canadian company that shares our values of sustainable design, service excellence and commitment to city-building. 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," said Murren.
Other companies have shown interest in building a casino in the city. Earlier this week, the Sands made a pitch to build one at the Convention Centre.