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Las Vegas Sands Bids for Toronto Casino

Las Vegas Sands has become the latest company to enter the race to build a gambling complex in Toronto.

There are a number of casino operators bidding to build a gambling complex in Toronto and Las Vegas Sands is the latest to join the competition.

Las Vegas Sands has become the latest company to enter the race to build a gambling complex in Toronto.

According to Andy Abboud, a Senior Vice-President at Sands, the company does not yet have a particular site or proposal.  However, they believe that Toronto would fit with the Sands integrated resort model which includes a casino, retail, convention, exhibition and entertainment space.

Early this year, Ontario Lottery and Gaming Corp. Chair, Paul Godfrey, said that Toronto’s waterfront would be an excellent location for an “iconic” casino resort and mentioned the in Singapore as a good model for what he envisions.

However, Las Vegas Sands is not the only company which has expressed interest; they will be competing with MGM Resorts, Caesars Entertainment, Woodbine Entertainment and Onex Corp.

Last week Torstar News Service announced that Oxford Properties, the owners of the Metro Toronto Convention Centre, is integrating a possible casino into its Front St. redevelopment plans. While Abboud, who stressed that convention space was part of the Sands model, said that he was aware of the site, he had no further comment.

Dwight Duncan, the Finance Minister in Ontario, believes that this is an excellent opportunity to build a “golden mile” and thinks that if Toronto isn’t interested then other cities in the area certainly will be. Toronto council will be receiving a report on casinos this October and will then decide on whether to pursue the casino option, Duncan is insisting that nothing will happen without local approval.

Should the council approve the development of casinos there is sure to be some intense competition between the different operators, but it seems as if Sands may just have an edge with their all-inclusive model.

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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