While reports were given to the Toronto City Council that a casino could be worth $168 million to the city, the Ontario Lottery and Gaming Corp has warned that the city should expect “significantly less”.
New reports indicate that profits from any Toronto casino would be significantly smaller than predicted.
A recent article has estimated that the provincial hosting fee for a downtown location will be anywhere between $50 million and $100 million per year.
Tony Bitonti, spokesman for the OLG, said that the new figures were determined after looking at potential sites and discussions with potential operators. According to Bitonti the larger the facility the larger the fee will be.
The idea of a Toronto casino is supported by Mayor Rob Ford due to the additional revenue it is expected to bring the city.
However, Councillor Mike Layton believes that “all of the players in this are overestimating the potential benefits” and he is also concerned about increased traffic congestion.
The same concerns have been put forward by Onex Corp, a company lobbying against a downtown casino, instead Onex Corp believes a casino should be build in Markham.
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