MGM Resorts International (MGM:US) and Cadillac Fairview Corp. are a step closer to building a casino in Toronto after the mayor’s executive committee voted in favor of gaming in Canada’s biggest city.
Mayor Rob Ford’s executive committee voted to approve a casino as long as 43 conditions are met including funding for social programs relating to gambling and that financial benefits are earmarked for public transit.
Developers MGM, Cadillac Fairview, owned by Ontario Teachers’ Pension Plan, and Ontario Municipal Employees Retirement System’s (OMERS) Oxford Properties Group Inc. have all submitted proposals to build a casino.
The issue now proceeds to full council for a vote by all 44 members.
Oxford Properties said major Las Vegas casino operators expressed interest in its C$3 billion ($3.1 billion) proposal to develop a casino. Caesars Entertainment Corp. (CZR:US), Las Vegas Sands Corp. (LVS:US) and MGM have all worked with Oxford on a proposal, said Oxford Chief Executive Officer Blake Hutcheson said in October.
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