Last week MGM Resorts revealed plans to invest between $3 billion and $4 billion if it is awarded the rights to build a hotel casino complex in Toronto.
MGM Resorts has entered into a joint venture partnership with The Cadillac Fairview Corporation of Canada for the proposed resort which would be built on the Exhibition Place grounds in Toronto.
It was reported that the development would cover 3 million square feet and contain a 1,200 room hotel and a 250,000 square foot casino. Gaming would only account for 8% of the complex which would also include a permanent venue for Cirque du Soleil, improvements for transit, 1 million square feet in retail space and ten restaurants.
MGM has said that the project would enhance the surrounding green space and respect existing heritage buildings. It would generate 10,000 permanent jobs and 5,000 construction jobs during the three years it would take to build it.
Furthermore, it is expected to provide $100 million in tax revenue for the city as well as attract around 1 million additional tourists each year.