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Thursday, January 31, 2013

Cadillac Fairview & MGM Join Forces In Bid For In Hopes Of Casino Resort In Toronto

Toronto-based real estate giant Cadillac Fairview Corp. is joining Nevada-based MGM Resorts as an equal partner in MGM’s bid to build a multi-billion-dollar casino-resort in the GTA.
The companies have agreed “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,” Cadillac Fairview announced Thursday.
In a news release, Cadillac Fairview chief executive John Sullivan said his company “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.
“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.”
MGM Resorts is lobbying Toronto councillors to give Ontario Lottery and Gaming Corp. the go-ahead to accept tenders to build a casino in the city. MGM’s preferred location is Exhibition Place, possibly with some family-friendly attractions on the Ontario Place side of Lake Shore Blvd. W., but the company has said it would consider other GTA locations.
OLG’s announcement in spring 2012 that it will authorize a private operator to build one casino in the GTA triggered a frenzy of interest from casino operators and a growing grassroots opposition movement. Councillors are expected to vote on the issue in April.
Cadillac Fairview is a heavyweight partner. It owns or has a stake in shopping malls and office buildings across Canada and abroad, with a $21 billion portfolio that includes the Toronto-Dominion Centre and the Eaton Centre.
MGM chief executive Jim Murren said his company had, from the start, sought a Canadian bid partner that “shares our values of sustainable design, service excellence and commitment to city-building.”

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