Luckynugget Casino

October 03, 2012 06:48 ET

Sands Casino Magnate Eyes New Casino Resort in Toronto, Announce Lucky Nugget Casino

Sheldon Adelson Meets With Toronto Mayor to Discuss Proposals

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2012) - Billionaire casino guru Sheldon Adelson hopes to open a new casino resort in Toronto, announce www.luckynuggetcasino.com. The online casino brand confirms that the Las Vegas Sands Corp CEO paid Toronto Mayor Rob Ford a visit on 23 August to discuss plans for a new casino in the Greater Toronto Area.

Since the province announced that it is seeking to build a new casino complex, several major gaming firms have expressed an interest alongside Sands, including Caesars Entertainment and MGM Resorts International. Sands is certainly making a concerted effort, with Mr. Adelson and five further Sands operatives being added to the Toronto lobbyist's register in the lead up to the meeting with Ford.

The Mayor has made it clear that he supports the project, provided that it will be financially beneficial to the area and that Toronto citizens agree fully with the plans. In the latest survey conducted on behalf of the Canadian Gaming Association, 54% of Toronto residents were found to be in favour of the new casino, with four in ten residents being 37% more supportive if the casino were part of a larger complex, including hotels, restaurants and shops.[1]

In recent years, the country has been moving in a more lenient direction regarding gambling, with legalized gaming almost tripling in size since 1995.[2]

The Canadian gaming industry already turns over revenue of more than US$16 billion each year, and directly employs over 54,000 people.[3] With Ontario's government presenting a tough budget this year, aimed at reducing the province's CA$15.3 billion deficit by 2018, the new casino project could help aid the government's financial efforts, creating much-needed jobs in the area.[4]

Ontario officials have suggested a preference for a Toronto Waterfront location for the new gaming complex, but other locations under consideration include Ontario Place, the Port Lands, and the Exhibition Place grounds.

[1] Canadian Gaming Assoc., April 2012: http://www.canadiangaming.ca/images/stories/cga_research_and_studies/toronto_casino_factum_report.pdf

[2] Canadian Gaming Assoc., March 2012: http://www.canadiangaming.ca/news-a-articles/104-canadian-gaming-association-acknowledges-major-milestone-to-allow-single-sevent-sports-wagering-in-canada.html

[3] Ernst & Young, Global Gaming Overview 2011: http://www.ey.com/Publication/vwLUAssets/2011_global_gaming-bulletin/$FILE/2011%20Global%20Gaming%20Bulletin.pdf

[4] Economist, March 2012: http://www.economist.com/blogs/americasview/2012/03/canadas-economy

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