MGM Resorts International has announced that it signed on Canadian property developer Cadillac Fairview Corp as a joint venture partner in its attempts to build Toronto’s first casino.
The companies have said that they will divide the ownership, development and operation of the proposed resort which would include gambling, entertainment, a hotel, shopping complex and restaurants.
Executive Vice-President of Cadillac Fairview, Wayne Barwise, said that the company has extensive experience with mixed-use developments.
If their bid is accepted then MGM will run the entertainment, gambling hotel and conference facilities while Cadillac Fairview would be in charge of the retail and parking facilities.
MGM Senior Vice-President, Alan Feldman, said that they were looking for a Canadian partner that “shares our working philosophy and our values, especially one that’s committed to the local community, committed to sustainable development and to service excellence”.
However, the City of Toronto is yet to decide if it wants a casino and the decision is expected to go to vote in April.
There are a number of companies in competition with MGM to be awarded the casino, Las Vegas Sands is hoping to build a casino near the Metro Convention Centre while MGM is looking at Exhibition Place.