Great Canadian Gaming Corp and its partner Brookfield Asset Management have won the right to a 22-year gaming license for the Ontario Lottery & Gaming Corp. (OLG) Slots at Woodbine, OLG Slots at Ajax Downs and Great Blue Heron Casino in the Mississaugas of Scugog Island First Nation.
Genting Group and Caesars Entertainment reached the final round of bidding, but lost out.
The three properties, which are in the Toronto metro area, have between them 4,000 slot machines and 60 table games and are expected to earn at least $72 million a year. They employ about 2,200.
Several years ago, OLG was considering a single $1 billion hotel casino complex in Toronto, the largest city in Canada. This was also considered to be a possibility this year when Las Vegas based gaming developers and Malaysia-based Genting were bidding on the OLG licenses.
However, they were beaten by the homegrown consortium that has been called “Made in Canada.” Brookfield CEO Cyrus Madon told Bloomberg that the consortium is prepared to invest $1 billion spread over 20 years. They plan to expand gaming and add hotel rooms as well as other amenities.
Madon said the area is currently “underserved.” Toronto Mayor John Tory said he wants to see what the developers have in mind for Woodbine, which is near the Toronto International Airport.
