The Canadian newspaper company intends to diversify its business amid the pandemic crisis and enter to the gambling sector.
Canada.- Torstar Corporation, owner of Canada’s biggest newspaper, the Toronto Star, has announced plans to launch an online casino brand to diversify its business.
Torstar is waiting for approval from the Alcohol and Gaming Commission of Ontario to launch the online casino this year.
The Ontario Lottery and Gaming Corporation is currently the only approved operator of online gambling in the province, but Ontario’s government has pledged to open the market to other operators.
Torstar chief corporate development officer Corey Goodman said: “As an Ontario-based media business and trusted brand for more than 128 years, we believe Torstar will provide a unique and responsible gaming brand that creates new jobs, offers growth for the Ontario economy and generates new tax revenue to help support important programs in our province.”
Torstar was acquired by the investment company NordStar Capital last year. Since then, the company has been making efforts to innovate.
The company, which owns six regional newspapers, says the launch of an online casino will generate funds “to support the growth and expansion of quality community-based journalism.”