The OLG confirmed that part of the control of the gambling operations in the area will be handed to private operators.
Canada.- The Ontario Lottery and Gaming Corp (OLG) revealed that private operators will now have more power in the area as they will receive control of gambling operations. The operators will be picked in the upcoming weeks.
The measure establishes that the new operator will have control over the slots machines and casino operations in the greater Toronto area for the next 22 years. The licensee that will be announced in the next few weeks could be local or international, as the business seems to bring a lot of money to the table. As local media reported, there are three companies that want to take over the Woodbine racetrack in Toronto, as well as gambling control of Ajax Downs and the Great Blue Heron Casino in Port Perry.
It is rumored that Caesars Entertainment, Genting Group and local Brookfield Asset Management are three of the bidders to gain some control from the OLG. Spokeswoman Allison MacNeil said: “Part of the process involves undergoing an extensive due-diligence process into current and past business conduct […] examines a gaming operator’s ability to act in accordance with the law, with integrity, honesty and in the public interest.”
The OLG estimates that the company that wins the race will earn approximately US$72 million annually for the next 22 years, as well as 70 percent of the gambling revenue.